MUTTRAH, Oman -- Topaz Energy and Marine, has closed a long-term financing deal valued at $42 million with Standard Chartered Bank, Dubai. The funds will go towards post-delivery financing of offshore support vessels (OSVs) and to fund further capex in the company's offshore fleet expansion program.
According to Topaz’ parent company Renaissance Services, the long-term facilities underline the company's policy to fund its long-term asset development with a matching long-term loan profile. This cautious strategy, it adds, should provide reassurance during the continued economic downturn and has allowed Renaissance to acquire new investments from a safe and secure standpoint.
During 2009, Topaz Marine has invested over $150 million, mainly in its offshore vessels fleet, which now numbers more than 100 vessels, and in building accommodation facilities for its workforce to serve Oman's interior oilfields. Renaissance says the company’s vessel acquisition strategy precludes speculative buying other than in technological or geographical niche sectors.