Topaz to target Brazil and West Africa

Brazil and West Africa are the new target for Dubai-based Topaz Energy and Marine, its chairman revealed today as the company looks to expand into new markets.

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The time is right for Topaz Energy and Marine, the Dubai marine services and oil and gas engineering group, to enter markets offshore Brazil and West Africa, according to the company's Omani parent.

"Topaz Marine has the opportunity to replicate its success in the Caspian and MENA markets by following future oil," Samir Fancy, the chairman of Renaissance Services, said in a statement accompanying Renaissance's third quarter results.

"Markets such as Brazil and West Africa offer significant growth opportunity for Topaz Marine and Topaz Engineering," he said.

"There is opportunity in following or portfolio of blue-chip [international oil company] clients into their important future markets around the globe."

Renaissance was "seriously considering" raising new capital for the proposed expansion, Mr Fancy added: "We must now maximise the scale of opportunity that lies before us. To this end we have significantly raised the scale and profile of industry, financial and legal advisors to advise us on our options."

Renaissance, whose shares are listed on the Muscat Stock Exchange, last Thursday posted a third quarter net profit of US$54.2 million (Dh198.9m), up 18 per cent from $45.8m of net earnings in the comparable period of last year. Revenues rose 6 per cent to $486.5m.