Renaissance Services News

Revenue of Topaz Energy and Marine of the United Arab Emirates (UAE) for the six-month period of 2019 was $235 million, an increase of 56% compared to H1 2018.Dubai-based offshore vessel operator’s first-half net income also surged to $42 million from a $4m loss recorded at the end of first six months of 2018.Earnings before interest taxes, depreciation and amortization rose by 83 percent to $141m in the first half.The global ports operator DP World acquired Topaz from Oman's Renaissance Services and Standard Chartered's private equity arm for an enterprise value of $1.08 billion (Dh3.96bn) in July.“DP World recognizes the success we have achieved and wants us to continue to deliver that going forward.

The world’s largest port operator DP World is in advanced discussions to acquire Topaz Energy & Marine, marking the Dubai-based company's first potential foray into the oil and gas industry.Britain’s Sky News, citing sources, earlier reported that a $1.3 billion deal for DP World to take over Topaz could be announced as early as Monday. The report didn't specify whether the valuation was referring to the equity or enterprise value of the transaction.However, Bloomberg reported that the port operator is in “very advanced” discussions to acquire Topaz Energy. The report quoted official sources confirming it is in discussions to purchase Dubai-headquartered Topaz Energy on Sunday."While negotiations are ongoing…

Dubai's Topaz Energy and Marine, a unit of Muscat-listed Renaissance Services, has bought two ships from Norwegian boat yard Vard Brattvaag for about $115 million, the Omani parent firm said on Sunday. The two vessels will be delivered in the second half of 2017, a statement to Muscat's bourse said. The chief executive of the Dubai-based oil services firm told Reuters in June it was in negotiations to acquire two subsea vessels as Topaz aimed to expand the division in the Atlantic basin over the next two years. Vard Brattvaag shipyard is part of Singapore-listed Vard Holding, which is ultimately majority-owned by Italy's Fincantieri. (Reporting by Matt Smith; Editing by David French)

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.

Topaz Energy and Marine, an 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, has  announced a $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 $75 million of equity in return for a 9.8% stake in the business.

Topaz Energy and Marine, a leading offshore support vessel company with primary operations in the Middle East and Caspian, today announced a new contract win for its fast growing West Africa operation. Under the terms of the US$ 11 million agreement, Topaz will supply a global oil major with a platform supply vessel, the Topaz Faye, for 18 months to support its offshore production operations. This contract comes on the back of several recent contract wins in West Africa and further strengthens Topaz’s US$ 1.2 billion contract backlog. The deployment of Topaz Faye in West Africa brings the total number of vessels under operation by Topaz in the region to 10, representing approximately 10% of Topaz’s total fleet.

Abu Dhabi-based Adyard has delivered two AHTS vessels equipped with MAN L27/38 propulsion packages. The two Topaz Energy & Marine 67-metre (80-ton bollard pull) vessels are ready for anchor handling tug supply services and the transportation of dry and liquid cargo to and from pipe-laying barges, drilling platforms and production platforms for offshore operations. The Topaz Dignity will operate on behalf of BP, the oil and gas major, on a long-term-contract basis in the Caspian Sea – whilst Topaz Triumph may remain in the Middle East and be operated by Topaz Marine MENA.

MAN Diesel & Turbo’s medium-speed propulsion packages have gained another foothold in Middle Eastern offshore operations. After successfully completed seatrials, Abu Dhabi-based Adyard has earlier delivered the ‘Topaz Dignity’ – which is now followed by the ‘Topaz Triumph’ AHTS. Topaz Energy and Marine, a subsidiary of Oman-based Renaissance Services SAOG and a regional leader in providing offshore support vessels and engineering services, has passed yet another milestone in its 35-year history by building two Anchor Handling Tug Supply vessels.

Renaissance subsidiary, Topaz Marine Engineering (“Topaz”), a UAE-based full service ship building, ship repair and engineering services company, confirms it has been commissioned by the Kuwait Oil Company (“KOC”) to design, build and deliver 10 Fast Steel Crew /Pilot Boats of 22m LOA (“Crew/Pilot Boats”), market estimates believe the contract value to be in the region of US$50 million. With a focus on high technology and latest design, the Crew/Pilot boat will be designed to accommodate 30 crew, with passengers all seated on the main deck and will be provided with first quality equipment.

Renaissance Services has announced the appointment of René Kofod-Olsen as CEO for Topaz Energy & Marine (Topaz). Mr. Kofod-Olsen’s career spans 18 years in the marine industry with the A.P. Møller-Maersk Group (APMM), including a period as Chief People Officer of SVITZER, responsible for the global HR function. He is currently CEO of SVITZER Asia, Middle East & Africa, responsible for a fleet of 130 vessels operating in 17 countries. He is also a member of the global executive leadership team of SVITZER. He will take up his new position at Topaz in early August 2012.

Phase One of US$ 330 million loan agreement signed.   UAE-based Topaz Energy and Marine Ltd. (Topaz), a leading oilfield services multinational and a subsidiary of Renaissance Services, announced that it has signed phase one of a US$ 330 million loan agreement with a syndicate of banks towards the refinancing of some of its existing loans. The deal paves the way for extra liquidity and new investments in Topaz’s Offshore  Support Vessel (OSV) operations.   The agreement completes phase one of Topaz’s previously announced refinancing initiative. The transaction refinances Topaz’s existing borrowings and releases trapped equity of US$ 60 million. The first phase of US$ 203 million refinancing was arranged and financed by DVB Bank, Standard Chartered Bank, and First Gulf Bank.

Renaissance Services subsidiary, Topaz Engineering, a UAE-based full service ship building, ship repair and engineering services company announced it has completed the delivery of two wind farm support vessels (WFSV) to ASP Work Boats Ltd, part of the global ASP Ship Management Group. David Borcoski, Group MD and CEO of ASP Ship Management Group said: “Topaz Engineering has done an excellent job in completing the construction of our wind farm support vessels and delivering them within the time-frame requested.

The two sister vessels — Topaz Dignity and Topaz Triumph — will be operated by Topaz Marine on behalf of BP, the oil and gas major, on a long-term contract basis in the Caspian Sea. The ships will be fulfilling BPs’ demands for anchor handling/tug/support and transport of dry and liquid cargo to and from pipe-laying barges, drilling platforms and production platforms for its offshore operations. The state-of-the-art vessels equipped with the latest cutting edge technical prowess are custom-built for Fi-Fi Class I and DP2 operations at a cost of approximately $50 million. The Chairman of Renaissance Services, Samir Fancy, stated: “We…

Topaz to complete structural work and outfitting of two crew/cargo vessels. UAE, Abu Dhabi, 6 February, 2012: Renaissance Services (Muscat Stock Exchange: RNSS) subsidiary Topaz Energy and Marine, a leading provider of offshore support vessels and engineering services, has been awarded a contract from GAC Group to provide completion services for two crew/cargo vessels. Topaz’s NicoCraft shipyard in Abu Dhabi has been awarded the contract based on the shipyard’s capabilities and established track record.