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    Topaz looking to grow marine, engineering capability

    March 16, 2011
    Oilfield services group Topaz hopes to raise $500 million via a shares offering to institutional investors in the UK and elsewhere.

    Offshore staff

    DUBAI, UAE -- Oilfield services group Topaz hopes to raise $500 million via a shares offering to institutional investors in the UK and elsewhere.

    The company is a subsidiary of Renaissance Services in Muttrah, Oman. It claims to have a strong market position in the Caspian and MENA regions for exploration, development, and production.

    Topaz has two divisions. Topaz Marine deploys offshore support vessels (OSV) via its Caspian and MENA operating segments. The fleet comprises 100 owned, operated, or chartered OSVs, including 10 vessels under construction or contract for delivery.

    The average age of these vessels is 6.6 years, compared with a global average of 13 (according to ODS-Petrodata’s Marine Base database). Last year, Topaz Marine achieved revenue of $244 million.

    Topaz Engineering provides engineering services to companies in the energy and marine industries. It, too, operates out of the MENA and Caspian regions, with over 3,200 employees, with revenue last year of $199 million.

    Its two operating segments are Topaz Oil & Gas, which performs turnkey engineering, procurement and construction, and maintenance services for the oil and gas industry; and Topaz Ship Building & Repair, which constructs aluminum and steel catamaran and mono-hull vessels, and provides marine repair services to deep- and shallow-water fleets, including OSVs.

    Topaz aims to continue modernizing and expanding its fleet by allocating $2.2 - 2.5 billion during 2011-13 to acquire 75 vessels. It also aims to expand the geographical scope of its operations, with particular focus on deepwater regions.

    And the company plans to continue to pursue medium- and long-term contracts for its Topaz Marine division and large, high-value contracts for the Topaz Engineering division.

    Proceeds from the issue of the new shares will help finance these future growth and expansion strategies, including the growth of the Topaz fleet via acquisition of vessels and/or vessel operators.

    03/16/2011