Standard Chartered’s private equity arm has injected $75m-worth of equity into Topaz Energy and Marine, the Dubai-based offshore support vessel company, in return for a 9.8 per cent stake in the business.

Topaz, which is a subsidiary of Oman’s Renaissance Services, will use the funds to expand its fleet. The equity investment is part of the company’s strategic plan, said Rene Kofod-Olsen, chief executive officer of Topaz in an official statement.

“The diversification of our sources of capital puts Topaz firmly on the path to eventual independence,” he added.

In November last year, Topaz issued a five-year $350m bond, which pays a fixed coupon rate of 8.625 per cent. The proceeds from the issuance are intended to be used to repay some existing obligations, fund capital expenditure and increase cash on the balance sheet.

The closing of the transaction is pending final approvals, and will be fully completed in the fourth quarter of 2014.

Topaz has 99 vessels around the world, with primary operations in the Caspian, Middle East, West Africa, as well as subsea operations in the North Sea and the Gulf of Mexico.