The chief executive of Dubai-based oil and gas contracting company Topaz Energy and Marine has told the Reuters news agency that he has left the company.
“Yes. Topaz and I have parted company,” Fazelbhoy said in text message sent to Reuters.
Fazel Fazelbhoy’s resignation comes three months after Topaz pulled its $500 million London listing amid valaution concerns and growing regional unrest.
Topaz is one of the biggest oil services companies in the Middle East, and has developed it’s EPC business in recent years. The firm launched its $500 million IPO with a price range of 170-230 pence per share in March to no avail.
Fazelbhoy was at Topaz for 11 years and was appointed chief executive in January 2008. He had also headed parent company’s Renaissance’s ship repair business, NICO International.
A Reuters source who declined to be identified said the reason for the departure could be Topaz’s failed IPO plan earlier this year. Renaissance bought Topaz through a share swap deal in 2005 and floating the company is part of Renaissance’s stategic plan.
Despite disappointment at the failed listing, Topaz has continually performed well. Profit rose to $70 million in 2010 despite lower revenue of $408 million. The company expected “strong growth” from 2011, and bagged $160 million in new business last month.
