Renaissance sells unit to UK Interserve for $46m
Dubai, July 14, 2013
Oman's Renaissance Services has sold its oilfield maintenance services unit Topaz Oil and Gas, based in the United Arab Emirates, to Interserve for $46 million, a bourse filing said on Sunday.
The UK-based support services and construction group bought the business to expand its growth in the Middle East, the statement said. Interserve has previously made acquisitions in Oman and Qatar it added.
"Interserve sees the Middle East oil and gas services sector as a key growth market and this acquisition establishes our presence in the UAE," Adrian Ringrose, Interserve's chief executive officer, said in the statement.
Stephen Thomas, CEO of Renaissance Services, said the sale would allow the company to focus on its core businesses.
In 2011, Renaissance pulled a $500 million initial public offering (IPO) of Topaz Energy in London, amid valuation concerns and growing regional unrest at the time.
Topaz Oil and Gas is a unit of Topaz Energy and Marine.
Renaissance shares ended Sunday 0.3 percent higher in thin trading on the Muscat bourse, taking year-to-date gains to 21.5 percent. The announcement came after the market closed. – Reuters
More Energy, Oil & Gas Stories
- S Korea to pay Iran $550m under nuke deal
- Qatar LPG exports will stay unchanged till 2018
- $14bn Bahrain energy sector focus for summit
- Iraq now world's fastest-growing oil exporter
- Old IT systems pose risk to oil firms
- Thomson Reuters adds commodity monitoring tool
- Oil below $90 to hit GCC economies
- GlassPoint appoints new Oman director
- Sheffield company opens Dubai hub
- Oman targets big rise in gas output
- Intertek buys UAE firm for $66m
- Qaiwan to tender Baizan refinery EPC contract
- Al Maha wins Oman Air fuel supply deal
- Iran to become top gas importer by 2025
- UAE hydrocarbon projects seen hitting $11bn
- Summit focus on occupational safety
- Aramco names new senior VP
- Siemens gets $253m Qatar power contract
- Taqa-led group's India deal worth $1.6bn
- Taqa-led group to buy India power plants
- Iraq oil exports hit record 2.8m bpd
- Korean refiners eye more Iraq crude
- Dana starts Egypt gas plant upgrade
- Opec oil production hits new high in Feb
- Taqa-led group to buy Indian hydropower plants
- Schneider gets energy management certification
- Morocco moves ahead with $1.7bn wind farms
- Iraq approves power plant investments
- 670,000 oil & gas wells ‘need to be drilled’
- Qatar bourse celebrates Mesaieed listing