Standard Chartered Private Equity invests $ 75 mi in Topaz

By Joseph R. Fonseca
Thursday, August 21, 2014
The Topaz Installer performs windfarm support services in the North Sea

 

Topaz Energy and Marine (“Topaz”), a leading offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico, today announced a US$75 million new equity investment in the business from Standard Chartered Private Equity (“SCPE”), one of the world’s leading emerging market private equity investors.

Under the terms of the investment, SCPE will inject US$75 million of equity in return for a 9.8% stake in the business. The funds will be deployed in support of Topaz’s long-term fleet expansion ambition in its core operational regions and strategic entry to key growth opportunities.

“Joining forces with a private equity powerhouse like SCPE will enable Topaz to truly accelerate the realization of our strategic plan,” commented René Kofod-Olsen, CEO of Topaz. “We have now enhanced the foundation from which we can deliver our ambition for further geographical diversification and growth through both organic expansion and acquisitions. SCPE is investing because of its firm belief in the Topaz story, the team and our strategy, and we look forward to working together in close partnership.”

Samir J. Fancy, Chairman of Topaz and its parent company Renaissance, said, “On behalf of the Board of Directors, I’m pleased to welcome SCPE on board. Bringing in institutional funds is a key part of the Board’s strategic capital markets plan. Topaz has been a target of much investor interest, however our choice of partner was logical given the deep multi-decade relationship between Topaz and Standard Chartered Bank. This partnership between Renaissance Services and one of the world’s leading emerging markets private equity houses speaks volumes in terms of the value of Topaz and its tremendous potential. The diversification of our sources of capital puts Topaz firmly on the path to eventual independence as a world-class OSV business, as envisaged by Renaissance Service’s Group strategy.”

Taimoor Labib, Regional Head of MENA Private Equity & Head of Global Private Equity Portfolio Management at SCPE, added, "We are proud and humbled to have been chosen as strategic partners by one of the leading companies in the UAE and the Middle East, with a global reputation within the oil and gas space. Topaz’s high quality management team, committed shareholder base and independent governance are admired by many in the region. We look forward to working with our partners in Topaz and helping the company achieve its long-term strategic objectives.” Mr. Labib will be joining the Topaz Board on behalf of SCPE.

Topaz currently operates 99 vessels around the world. The fleet has an average age of 7 years against an industry average of around 15 years ensuring energy clients are serviced by a technologically advanced and cost efficient fleet of vessels.

Closing of the transaction is subject to bank consents and customary conditions. The transaction is expected to close during Q4 2014.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

‘Choice Alliance’ Formed to Serve BWT Market

A strategic alliance between Choice Ballast Solutions and Drew Marine has been formed to provide vertically integrated capabilities within the ballast water treatment (BWT) market.

Voyager IP Launches Prepaid VSAT and IT Scheme

A new scheme by marine broadband solutions company Voyager IP aims to alter the way customers can keep track of their VSAT and IT support services.   The Irish-based

Grounded Giant Chinese Boxship Freed

One of the world's largest container ships has been freed from a mud bank after running aground almost a week ago near Germany's largest port of Hamburg, German authorities said on Tuesday.

Finance

Grounded Giant Chinese Boxship Freed

One of the world's largest container ships has been freed from a mud bank after running aground almost a week ago near Germany's largest port of Hamburg, German authorities said on Tuesday.

Hempel’s Dynamic Brings Saving for Lemissoler

Global shipmanagement company, Lemissoler Navigation, via its affiliated and managed company Frontmarine Co. Ltd, has achieved significant fuel savings from coating its newbuild 58,

QP, Chevron Ink Offshore Moroccan Deal

Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30% participating interest from

Energy

Wood Group Extends North Sea Chevron Contract

Wood Group has secured an extension to continue to support Chevron Upstream Europe across four offshore assets in the North Sea. Wood Group PSN (WGPSN) will deliver

QP, Chevron Ink Offshore Moroccan Deal

Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30% participating interest from

IOCs Stress on OSV Fuel Management Performance

Growing insistence by international oil companies (IOCs) that oilfield contract vessels (OSVs) are fitted with fuel monitoring systems has prompted an upsurge in

News

‘Choice Alliance’ Formed to Serve BWT Market

A strategic alliance between Choice Ballast Solutions and Drew Marine has been formed to provide vertically integrated capabilities within the ballast water treatment (BWT) market.

Delegation Targets ScanMed Corridor Efficiency

International delegation in Malmö discussed future transport systems for European Ports   Discussions surrounding future transport systems were in focus when Pat Cox,

Seventh Whale Stranded Off Norfolk Coastline

A seventh whale has been reported in shallow water off the coast of Mundesley, Norfolk this morning, February 9.   A member of the Mundesley Coastguard Rescue

Offshore Energy

Wood Group Extends North Sea Chevron Contract

Wood Group has secured an extension to continue to support Chevron Upstream Europe across four offshore assets in the North Sea. Wood Group PSN (WGPSN) will deliver

QP, Chevron Ink Offshore Moroccan Deal

Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30% participating interest from

China's LNG Demand Falls

China's import of  liquefied natural gas (LNG) fell 1.1% in 2015, marking the first year-on-year decline since imports began in 2006, according to a report by

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1408 sec (7 req/sec)