Topaz Marine, a subsidiary of Oman’s Renaissance Services, is planning to raise up to $350m through a bond issue.

Proceeds will be used to repay loans, fund capital expenditure and increase cash on the balance sheet, according to the marine unit of Topaz Energy and Marine.

The senior notes, maturing in 2018, will be offered to institutional buyers, and are also planned for offering through the Irish Stock Exchange.

In 2012, Renaissance tried to raise $500m in a London Stock Exchange (LSE) offering for its subsidiary Topaz Energy and Marine, but cancelled plans citing valuation concerns.