Topaz to acquire Doha Marine Services for QR450m

With the acquisition of the Doha Marine Services (DMS) fleet of 14 owned and managed vessels, Topaz has added 4 of its own vessels into Qatar to corner an impressive 18% of the Offshore Marine Services sector in Qatar. The entire transaction is valued at just over QR450m ($124m) and will be concluded in phases in compliance with the regulatory processes prevalent in Qatar.

According to a statement released by the company the acquisition increases the total size of the Topaz marine fleet to 91 vessels which includes 16 vessels under construction as part of its fleet acquisition and renewal strategy. DMS is recognized as an excellent marine services company and will be the sixth operating company in the Topaz offshore vessel fleet, joining NICO Middle East, NICO Far East, BUE Caspian, BUE Kazakh and BUE Turkmen; with a seventh marine enterprise already under formation in Saudi Arabia. The acquisition provides further evidence of Topaz implementing its declared strategic growth plan in the oil and gas services sector. The acquisition financing was syndicated by Calyon Corporate and Investment Bank, Dubai, acting as the Mandated Lead Arranger and Barclays Bank Plc, First Gulf Bank, Standard Chartered Bank and HSBC Bank Middle East acting as Joint Lead arrangers.

Renaissance Chairman Samir J. Fancy explained,

"The DMS acquisition is a major event in our stated strategic intent to increase the size and geographical spread of our offshore support vessel fleet. The cornerstone of Qatar's booming economy is its hydrocarbon resources. The world's largest known non-associated offshore gas field is in Qatari territory; placing the country third in terms of world natural gas reserves. Qatar offers great opportunity to a quality service provider like Topaz and we shall certainly consider further investment in Qatar in both our onshore and offshore services. The board is absolutely delighted with this outcome."

Topaz CEO Fazel Fazelbhoy advised his stated intent to build on the outstanding platform created by the owners of DMS. "We are buying into an extremely well respected name and a well run fleet with a blue chip customer base comprising of leaders in the Oil and Gas offshore space. Our intention is now to add value with our international experience and well established HSEQ systems to ensure that this fleet operates at the highest levels of operational integrity."

This transaction has the full backing of the current Owners and Directors of DMS, Messrs Mansouri and Sulaiti who felt Topaz were the best possible inheritors of DMS and have committed their fullest support to Topaz in their future endeavors in Qatar.

Renaissance Services SAOG is one of Oman's most successful international services companies listed on the Muscat Securities Market, with a primary focus on oil & gas services. Besides the offshore support vessel fleet, Renaissance has engineering businesses in oil & gas fabrication and afloat ship repair; and is a leading turnkey contract services provider. Renaissance employs over 10,000 people operating in over 16 countries. Renaissance revenue in 2007 exceeded $0.5bn.