Topaz attracts PE investment

Published: August 25, 2014

Dubai-based offshore support vessel operator sells US$75mn stake in business to Standard Chartered Private Equity.

Topaz Energy and Marine, an offshore-support vessel operator, has attracted private equity investment after Standard Chartered Private Equity bought a US$75mn minority stake in the business.

Topaz, headquartered in the United Arab Emirates, runs a fleet of 99 vessels throughout the Middle East and the Caspian, with a growing presence in West Africa. The company is a subsidiary of Renaissance Services, an Omani company listed on the Muscat Securities Market.

The company will use the new funds to buy new vessels and expand into new markets. Meanwhile, Taimoor Labib, regional head of MENA private equity at Standard Chartered Private Equity, will take a seat on the Topaz board.