Motor repair work at Topaz Marine Engineering. The company has been sold for US$46 million, says its owner. Courtesy Topaz Marine Engineering
Motor repair work at Topaz Marine Engineering. The company has been sold for US$46 million, says its owner. Courtesy Topaz Marine Engineering

Oman’s Renaissance Services sells engineering unit of Topaz Marine and Energy subsidiary



Oman’s Renaissance Services has sold the engineering unit of its Topaz Marine and Energy subsidiary for US$46m.

Topaz Oil and Gas Ltd and its subsidiaries were bought by UK-based Interserve.

The unit has been a drag on Topaz’s finances in recent years, plunging the company into loss in 2011, and reducing profits in 2012.

Renaissance retains Topaz’s profitable marine operations, which centre on providing specialised vessels to the offshore oil and gas industry.

“This frees Renaissance to focus on its core enterprises,” said Stephen Thomas, Topaz’s chief executive in a statement.

Interserve, which provides support services to sectors spanning from aviation to retail, sees Topaz Oil and Gas as a way into the lucrative Middle East energy sector.

"Interserve sees the Middle East oil and gas services sector as a key growth market and this acquisition establishes our presence in the UAE,” said Interserve chief executive Adrian Ringrose.

The unit’s clients include Abu Dhabi National Oil Company (Adnoc), Shell, Qatar Gas and RAK Petroleum, according to a statement on the sale on the Oman Stock Exchange website.

In 2011, Topaz reported an $11m annual loss, largely on the back of the engineering unit’s poor performance.

A planned initial public listing on the London Stock Exchange was postponed in the same year.

The following year, a $30.1m loss at Topaz Oil and Gas reduced the company’s overall profit to $57.3m.

In the first six months of 2013, the unit had returned to profitability, said Renaissance.

Topaz’s Marine and Energy has a fleet for around 100 vessels, serving in the Caspian, the Middle East and the Latin America. Its also builds and modifies boats that cater to the industry, and constructs oil and gas installations.

Renaissance’s other business streams revolve around services such as catering and training, as well as publishing.

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The bio

Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home

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