Trade Arabia reported that UAE based Topaz Energy and Marine, a leading oilfield services multinational and subsidiary of Renaissance Services, has launched USD 380 million financing initiative.

The initiative, led by Standard Chartered Bank and DVB Bank will involve both regional and international lenders in a refinancing deal that features Topaz’s offshore support vessel division, Topaz Marine which ranks among the top 10 OSV operators world wide.

In its half year statement, the parent company Renaissance Services, publicly listed in Oman’s Muscat Securities Market, stated its intention to refinance some existing borrowings and consolidate financing facilities with a syndicate of banks.

Mr Vishal Goenka CFO of Renaissance said that “This deal will significantly improve Topaz’s liquidity, unlock trapped equity and increase the availability of new funds to capitalize on future growth opportunities.

He said that the interest from our relationship banks and also from new banks in this deal is very encouraging and reaffirms the market’s appreciation of the company’s business model and governance. Out of USD 380 million approximately USD 125 million will be for vessels under construction and for investments in new vessels.

He added that the company expects the financing initiative to be completed before the end of December 2011.

(Sourced from Trade Arabia)