Business | Shipping
Topaz acquires Doha Marine Services for $124m
Topaz Energy and Marine (Topaz), a subsidiary of Renaissance Services Oman, on Saturday announced the acquisition of Doha Marine Services (DMS), a Qatar-based marine services company for 450 million Qatari riyals ($124 million).
- Staff Report
- Published: 00:11 May 4, 2008
Dubai: Topaz Energy and Marine (Topaz), a subsidiary of Renaissance Services Oman, on Saturday announced the acquisition of Doha Marine Services (DMS), a Qatar-based marine services company for 450 million Qatari riyals ($124 million).
With the acquisition of the DMS fleet of 14 owned and managed vessels, Topaz has added four of its own vessels to the fleet to corner 18 per cent of the country's offshore marine services sector.
The acquisition increases the total size of the Topaz marine fleet to 91 vessels, which includes 16 vessels under construction as part of its fleet acquisition and renewal strategy.
DMS will be the sixth operating company in the Topaz offshore vessel fleet, joining Nico Middle East, Nico Far East, Bue Caspian, Bue Kazakh and Bue Turkmen; with a seventh marine enterprise already under formation in Saudi Arabia.
Financing
The acquisition financing was syndicated by Calyon Corporate and Investment Bank, Dubai, acting as the mandated lead arranger. Barclays Bank, First Gulf Bank, Standard Chartered Bank and HSBC Bank Middle East acted as joint lead arrangers.
Samir J. Fancy, chairman of Renaissance, said: "The DMS acquisition is a major event in our stated strategic intent to increase the size and geographical spread of our offshore support vessel fleet.
The cornerstone of Qatar's booming economy is its hydrocarbon resources. The world's largest known non-associated offshore gas field is in Qatari territory.
"Qatar offers great opportunity to a quality service provider like Topaz and we shall certainly consider further investment in Qatar in both our onshore and offshore services."
Fazel Fazelbhoy, CEO of Topaz, said: "We are buying into an extremely well respected name and a well run fleet with a blue chip customer base comprising of leaders in the oil and gas offshore space. Our intention is now to add value with our international experience."
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