Finance secured for Middle East vessel operator

Topaz Energy and Marine, a subsidiary of Renaissance Services, has secured a $380 million financing initiative, led by Standard Chartered Bank and DVB Bank.

Offshore staff

MUTTRAH, Oman – Topaz Energy and Marine, a subsidiary of Renaissance Services, has secured a $380 million financing initiative, led by Standard Chartered Bank and DVB Bank.

This will involve a refinancing deal for Topaz’s offshore support vessel (OSV) division, Topaz Marine, which according to the parent company is one of the world’s Top 10 OSV operators.

Vishal Goenka, CFO of Renaissance, said, “This deal will significantly improve Topaz’s liquidity, unlock trapped equity, and increase the availability of new funds to capitalize on future growth opportunities... Out of $380 million, approximately $125 million is for vessels under construction and for investments in new vessels. ”

The financing initiative should be completed before the end of December. Topaz, headquartered in Dubai, is primarily focused on the MENA and Caspian regions. It operates a fleet of around 100 OSVs and provides related marine engineering services.

11/04/2011

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