Published: March 7, 2011
Omani oilfield services company to be spun off from Renaissance Services.
Renaissance Services, an Omani oil and gas services group, plans to spin off its largest subsidiary, Topaz Energy and Marine, in an initial public offering (IPO) on the London Stock Exchange that could raise OMR192mn (US$500mn).
In a statement announcing Renaissance Services’ annual results – revealing a full-year profit increase of 13.3% to OMR32.3mn – chairman Samir J. Fancy said: “At the start of the global economic crisis, I wrote to you that we shall not waste this crisis – we have not. We emerge with our reputation sustained and enhanced and the value of Topaz is expected to be recognized in a market where scrutiny is forensic and unforgiving.”
A date for the IPO has yet to be set.