Topaz Energy and Marine, a subsidiary of Renaissance Services SAOG Oman, has made a dramatic entry into the buoyant hydrocarbon market in Qatar.
With the acquisition of the Doha Marine Services (DMS) fleet of 14 owned and managed vessels, Topaz has added four of its own vessels into Qatar to corner an impressive 18% of the offshore marine services sector in the country. The entire transaction is valued at just over US$124m.
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.
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DMS 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.
A seventh Topaz marine enterprise is already under formation in Saudi Arabia.
“The DMS acquisition is a major event in our stated 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,” said Renaissance chairman Samir Fancy.
Topaz CEO Fazel Fazelbhoy said he intends to build on the platform created by DMS. “We are buying into a 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 to add value with our international experience and well established HSEQ systems to ensure that this fleet operates at the highest levels of operational integrity.”
