Mr Fazel Fazelbhoy CEO of Topaz Energy and Marine, the Renaissance Services unit, which pulled a planned London float earlier this year is leaving the company.

Mr Fazel Fazelbhoy's resignation comes 3 months after Topaz pulled its USD 500 million London listing amid valuation concerns and growing regional unrest. Mr Fazelbhoy who spent 11 years with Topaz was appointed CEO in January 2008. He had also headed Renaissance's ship repair business, NICO International.

One source said that the reason for the departure could be Topaz's failed IPO plan earlier this year. The sources did not want to be identified because the information has not been made public yet.

Topaz one of the biggest oil services companies in the Middle East had launched its USD 500 million IPO with a price range of 170 to 230 pence per share.

(Sourced from Reuters)