Renaissance Services divests Topaz Oil and Gas LtdNews // July 16, 2013
Renaissance Services, Oman’s international oil & gas services group, has entered into an agreement to divest Topaz Oil and Gas Ltd and its subsidiaries, which provide oil field maintenance, fabrication and construction services in the Middle East.
Interserve1, the international support services and construction group, has acquired the business. The total consideration for the deal is US$46 million.
Divestment supports Renaissance Services' stated strategy of focussing on two core businesses: its marine offshore support vessel (OSV) fleet and integrated support services and facilities management.
Commenting on the transaction, Interserve CEO Adrian Ringrose said: "Interserve sees the Middle East oil and gas services sector as a key growth market and this acquisition establishes our presence in the UAE. It also complements other acquisitions we have made, such as TOCO of Oman and Madina in Qatar, enabling us to serve clients over a wider geographic footprint.”
Stephen Thomas, CEO of Renaissance Services said: “Interserve is the ideal new owner for this business. This is positive for our people and our customers, who together have built the business to where it stands today. This means we have handed over the business responsibly with a bright future in the hands of a blue-chip multinational. This frees Renaissance to focus on its core enterprises.”
Topaz has extensive fabrication space spanning 140,000m2 split between two manufacturing sites in Abu Dhabi and Fujairah. In addition, water frontage facilities provide the capability to deliver turn-key projects for clients both on- and off-shore as well as fabrication, construction, maintenance and rig repair services for the oil and gas, utilities and ports sectors.