Bloomberg News

Topaz Energy & Marine Seeks $380 Million ‘Financing Initiative’

November 02, 2011

Nov. 2 (Bloomberg) -- Topaz Energy & Marine, a unit of Oman’s Renaissance Services SAOG, said Standard Chartered Plc and DVB Bank SE will lead a $380 million “financing initiative” for offshore support vessels.

“The initiative will involve both regional and international lenders in a refinancing deal that features Topaz’s offshore support vessel division,” said Renaissance in an e-mailed statement today. The financing will be completed “before end of Dec. 2011” and about $125 million of the package will be used for vessels under construction and for investments in new vessels, it said.

“This deal will significantly improve Topaz’s liquidity, unlock trapped equity, and increase the availability of new funds to capitalize on future growth opportunities,’’ Chief Financial Officer Vishal Goenka said in the statement.

To contact the reporter on this story: Maher Chmaytelli in Dubai at mchmaytelli@bloomberg.net

To contact the editor responsible for this story: Nayla Razzouk at nrazzouk2@bloomberg.net


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