DP World Hires Banks for $1 Billion Bond

By Archana Narayanan and Alaa Shahine (Bloomberg) --DP World Plc is hiring banks to raise about $1 billion of bonds to finance the acquisition of Topaz Energy & Marine Plc, according to three people with knowledge of the plans. The world’s largest port operator may kick off the sale as early as this week, said two of the people, asking not to be identified because the … [Read more...]

DP World Acquires Topaz for $1 Billion

Dubai-based port operator DP World has acquired 100 percent of offshore services provider Topaz Energy and Marine for a purchase price of more than $1 billion. Topaz operates a diversified fleet of 117 offshore vessels predominantly in the Caspian Sea, the Middle East and North Africa, and West Africa regions. DP World highlighted the Caspian Sea region as of particular … [Read more...]

Oman’s Renaissance Is Said to Mull $1.5 Billion Topaz Energy IPO

By Ruth David and Dinesh Nair (Bloomberg) -- Oman’s Renaissance Services SAOG, a service provider to the oil and gas industry, is considering an initial public offering for its Topaz Energy & Marine unit, according to people familiar with the matter. Renaissance, which has a market capitalization of about $379 million, could seek a valuation of about $1.5 … [Read more...]

Vard Books Topaz OSCVs for $100 Million

  Offshore shipbuilder VARD says it has lands new contracts for the design and construction of two offshore subsea construction vessels for first-time customer Topaz Energy and Marine for $100 million. According to VARD, the vessels will be developed for crane operations and light subsea construction with intervention duties, measuring a total length of 98.1 … [Read more...]

UAE’s Topaz Eyes South American Expansion Amid Oil Services Struggle

By David French DUBAI, June 24 (Reuters) - Topaz Energy and Marine is eyeing expansion into South America in the next two years as the Dubai-based oil services firm looks beyond the current difficulties in the sector caused by the lower oil price, its chief executive told Reuters. Servicing companies are suffering as producers and explorers cut back on costs and capital … [Read more...]