Topaz nets $75m equity deal

Topaz Energy & Marine20 August 2014 – Offshore vessel owner Topaz Energy & Marine has secured a fresh injection of equity from a large international bank in return for a sizeable stake in the business.

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

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