Middle East

Topaz Oil and Gas sold to UK’s Interserve

Muscat: Oman’s Renaissance Services is selling UAE-based Topaz Oil and Gas to the UK’s Interserve for $46m.

Renaissance said it wants to focus on its two core businesses: operating marine offshore support vessels and providing integrated support services and facility management services.

Abu Dhabi-based Topaz, which provides oil field maintenance, manufacture and construction services, will help expand Interserve’s “operational footprint in the Middle East oil and gas services market,” Renaissance said in a release to the Muscat exchange.

Topaz Energy was pulled as a planned $500m IPO in Dubai two years ago.

Interserve’s chief executive 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.”  [15/07/13]

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