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