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STRATEGIC MOVE

Renaissance to sell Topaz Engineering for $18.5m

DUBAI, October 4, 2015

Oman's Renaissance Services plans to sell Topaz Engineering for $18.5 million to Chalmers Holdings, the company said on Sunday.

Renaissance will divest the marine engineering and shipbuilding services unit and its subsidiaries, with the deal resulting in the Omani firm booking a loss of $5.5 million, it said in a bourse filing.

Renaissance is divesting Topaz Engineering as part of a wider strategy in the company to focus on its core business of offshore support vessels, through Dubai-based oilfield services firm Topaz Energy and Marine, "and developing its contract services business, based in Oman", the statement added.  - Reuters




Tags: Oman | Renaissance | Topaz |

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