Topaz Energy and Marine havce bought Doha Marine Servirces (DMS) for a reported $124 million, it has been revealed. The company, a subsidiary of Renaissance Services SAOG Oman, has taken over the fleet of 14 vessels in order to take advantage of Qatar’s booming hydrocarbon market.
The firm will add four of its own vessels to corner 18% of the Offshore Marine Services sector in Qatar. It will take the Topaz overall fleet number to 91, with a further 16 vessels still under construction as part of their fleet acquisition and renewal strategy.
Topaz CEO Fazel Fazelbhoy was jubilant after the takeover. “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” adding, “Our intention now is to ensure that this fleet operates at the highest levels of operational integrity.”
Â
Renaissance chairman Samir Fancy explained the importance of the acquisition to the company: “The cornerstone of Qatar’s booming economy is its hydrocarbon resources. Qatar offers a great opportunity to Topaz and we shall certainly consider further investment in Qatar in both onshore and offshore services.”
