Topaz prepares London initial public offering

07 March 2011

Share sale would fund international expansion plans

Topaz Energy and Marina, a UAE-based oil field services provider, is preparing an initial public offering (IPO) at the London Stock Exchange (LSE) to fund its international expansion.

Omani-based parent company Renaissance Services is willing to sell part of Topaz in the offering, but will retain a majority holding of at least 51 per cent,

“Renaissance now believes a listing of Topaz on the London Stock Exchange offers the most effective way to optimise future growth opportunities and increase shareholder value,” said Samir Fancy, Renaissance chairman, in the company’s 2010 annual report.

Topaz shares could by floated in London as early as April, with the IPO arranged by US lenders, Bank of America Merrill Lynch and JPMorgan Cazenove.

Topaz was listed on the Muscat Stock Exchange before being acquired by Renaissance in 2005.

The company has since expanded its operations into the Caspian Sea and is on the cusp of breaking into the Brazilian market after acquiring two barges worth around $80m in February.

The company posted a full-year profit of $70m last year, on revenue of $408m.

Among its current projects are land reclamation works in Fujairah, which will boost storage capacity in the emirate.

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