Renaissance seeks funds for Middle East expansion

Renaissance Services plans to raise up to $130 million of additional capital via a private placement.

Offshore staff

MUTTRAH, Oman -- Renaissance Services plans to raise up to $130 million of additional capital via a private placement.

The proceeds will help fund the company’s expansion program, mainly for its marine/offshore business, and to strengthen the company’s balance sheet.

Renaissance subsidiary Topaz Marine and Engineering is focussing on near-term growth opportunities in the Arabian Gulf and the Caspian Sea. Topaz also has operations in West Africa and other oil sectors which it is targeting for growth in the longer term.

12/30/2011

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