Topaz acquires DMS for QR450m
The deal would 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 had a fleet of 14 vessels.
DMS is recognised as a top 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 financing was syndicated by Calyon Corporate and Investment Bank, Dubai, acting as the mandated lead arranger and Barclays Bank, First Gulf Bank, Standard Chartered Bank and HSBC Bank Middle East acting as joint lead arrangers.
Renaissance Chairman Samir J Fancy said: "The DMS acquisition is a major event in our 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 such as 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 said: "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 systems to ensure that this fleet operates at the highest levels of operational integrity."
Renaissance is listed on the Muscat Securities Market, with a primary focus on oil and gas services.