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]