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
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.