Topaz to raise US$380mn

Topaz to raise US$380mn

Published: November 14, 2011

Standard Chartered and DVB to lead syndicated funding.

Topaz Energy & Marine, a UAE-based oilfield services specialist, has appointed Standard Chartered and DVB Bank to lead a US$380mn syndicated funding.

The deal, involving local and international lenders, will refinance Topaz’s debt. The company also intends to use US$125mn of the funds raised to expand its fleet, which currently stands at some 100 offshore vessels.

Topaz, a subsidiary of Oman-based multinational Renaissance Services, expects the deal to be completed by the end of the year. 

The company has been providing marine and engineering services to the energy industry in MENA and the Caspian Sea for more than 35 years.