Dubai-based Topaz Energy and Marine Limited (TEAM) has announced the acquisition of UK-based BUE Marine Limited, making it one of the largest offshore support vessel (OSV) operators in the region.

Topaz will also become one of the top 10 offshore support vessel operators in the world with a fleet of 53 vessels plus 19 on order, said a company spokesman.

Further orders for new vessel building are expected to follow.

BUE has served the oil and gas sectors in the North Sea and the Caspian. In recent years, BUE has invested heavily and now operates a diversified fleet of 42 vessels comprising supply vessels, anchor-handling tugs, accommodation vessels, icebreakers, work barges, and utility boats, said the spokesman

The value of BUE, including the new vessel building programme underway, is in the region of $150 million (Dh552 million). Leading local and international banks will support the transaction, the spokesman said.

The deal is at an advanced stage and closure is expected within the next few weeks.

The geographical footprint of the two companies together will cover the North Sea, Caspian, Southeast Asia, the Middle East, and West Africa. The headquarters of the combined TEAM and BUE business will be in Dubai.

Whether the companies will operate under a new name or continue independently serving niche markets is being worked out, officials told Gulf News from the group headquarters in Muscat, Oman.

TEAM, as the holding company, owns as many as 15 specialized companies, among which are NICO World, NICO International, Adyard Abu Dhabi LLC and Mezon Technical Trading LLC.

TEAM operates throughout the region and has over 1,000 employees working at its numerous facilities, on projects and on vessels throughout the world.

Nico World is an OSV operator with a fleet size of 11.

"BUE will complement Nico World and not compete with it. BUE is operating in a market that does not overlap with the current operations of Nico World, with substantial potential for further growth in this region for other businesses within the Renaissance group," said the spokesman.