Renaissance sells UAE fabrication division
Renaissance Services has agreed to sell Topaz Oil and Gas and its subsidiaries to international support services and construction group Interserve for $46 million.
MUTTRAH, Oman – Renaissance Services has agreed to sell Topaz Oil and Gas and its subsidiaries to international support services and construction group Interserve for $46 million.
The operations to be sold specialize in oilfield maintenance, fabrication, and construction in the Middle East region.
Topaz’s clients include Shell, ADOC (Japan), the ADNOC group of companies, Qatar Gas, RAK Petroleum, and Aker Solutions.
The company has total fabrication space of 140,000 sq m (1.5 million sq ft), split between two manufacturing sites, one in Abu Dhabi and one in Fujairah. Additionally, waterfront facilities provide the capability to deliver turnkey projects for offshore clients, along with fabrication, construction, maintenance, and rig repair services.
Renaissance plans to focus onTopaz Energy and Marine’s offshore support fleet of more than 100 vessels, and on integrated support services and facilities management.
Recently the group completed the second and final phase of a $521.3-million refinancing program, much of this secured with Omani financial institutions.