Oman's Renaissance to complete $18.5m Topaz sale

Renaissance is divesting Topaz Engineering as a part of its strategy to focus on offshore support vehicles, the company said

Renaissance will divest its marine engineering and ship building unit and their subsidiaries. [Representational image]
Renaissance will divest its marine engineering and ship building unit and their subsidiaries. [Representational image]

Oman's Renaissance Services plans to sell Topaz Engineering Limited for $18.5m to Chalmers Holdings, the company said on 4 October, 2015. 

According to Reuters, Renaissance will divest the marine engineering and ship building services unit and its subsidiaries, with the deal resulting the Omani firm booking a loss of $5.5m, it said in a bourse filing.

Renaissance is divesting Topaz Engineering as part of a wider strategy in the company to focus on its core business of offshore support vessels, through Dubai-based oilfield services firm Topaz Energy and Marine, "and developing its contract services business, based in Oman", the report added. 

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