Bloomberg reported that Topaz Energy & Marine is seeking to raise as much as USD 500 million in an initial public offering in London.

The company is seeking to sell as much as USD 500 million of new shares while its owner, Muscat, Oman based oil and gas service provider Renaissance Services SAOG will also sell part of its stake in the IPO. It didn't disclose how many existing shares will be offered.

Topaz Energy & Marine said recently that profit rose 38% to USD 65 million in 2009 and revenue increased 7% to USD 448 million. The company expected strong growth from 2011.

Topaz Energy agreed to buy two offshore supply vessels from Deep Sea Supply for USD 40.4 million last month. It won a contract valued at USD 100 million from Chemoil Energy in October for the construction of an oil storage terminal in Fujairah.

While 4 companies raised about USD 1.8 billion in London this year Russian steel maker Severstal's Nord Gold unit and Russian coke and chemical producer Koks cancelled or postponed their London IPOs of about USD 1.5 billion.

(Sourced from Bloomberg)