Standard Chartered Private Equity (SCPE) is pumping $75 million into the Middle East-based player in return for a 9.8% share.
Topaz said the cash will go towards its long-term fleet expansion plans to bolster its position in core operating regions and to make a strategic entry into key growth markets, which it did not identify.
Closing of the deal is expected in the fourth quarter.
United Arab Emirates-headquartered Topaz currently operates 99 vessels worldwide with an average age of seven years.
*Eoin O’Cinneide – Upstreamonline