Topaz lands $75mn from private equity backers

Funding from Standard Chartered Private Equity will help to grow fleet

NEWS, Business

Renaissance Services, the Oman-based company set up to serve the oil & gas market, has announced that its subsidiary Topaz Energy & Marine has secured an investment of $75mn from Standard Chartered Private Equity.

Topaz provides support to offshore platflorms in the Middle East, West Africa, the Caspian Sea and the Gulf of Mexico. It has sold 9.8% of its equity in return for the funds. It said these will be used to pursue growth opportunities and to build its fleet, which currently consists of 99 vessels.

Topaz CEO, René Kofod-Olsen, said: "Joining forces with a private equity powerhouse like SCPE will enable Topaz to truly accelerate the realisation of our strategic plan.

“We have now enhanced the foundation from which we can deliver our ambition for further geographical diversification and growth through both organic expansion and acquisitions.”

Chairman, Samir J. Fancy, added: "Bringing in institutional funds is a key part of the Board’s strategic capital markets plan. Topaz has been a target of much investor interest, however our choice of partner was logical given the deep multi-decade relationship between Topaz and Standard Chartered Bank."

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