Oman's Renaissance Services said on Sunday it agreed to buy Doha Marine Services for 453 million Qatari riyals ($124.4 million), a company that operates a fleet of supply vessels for oil and gas operations.

Renaissance unit Topaz Energy & Marine will buy the company in phases, adding four vessels in Qatar to the 14 that Doha Marine already operates, Renaissance said in a statement on the Oman bourse website.

The acquisition boosts Topaz's fleet to 91, including 16 under construction, Renaissance said.

'We are buying into an extremely well-respected name and a well-run fleet with a blue chip customer base comprising leaders in the oil and gas offshore operations,' Fazel Fazelbhoy, Topaz's chief executive officer, said in the statement.

Doha Marine posted earnings before interest, taxes, depreciation and amortisation of 60.5 million riyals last year, and has no debt, according to Renaissance.

Shares of Renaissance were up 0.6 percent at 0647 GMT. The stock is up more than 16 per cent this year, compared with almost 25 percent for the main stock index.  -Reuters