The $75m equity investment by SCPE in Topaz will be used to fund the offshore vessel owner’s long term fleet expansion plans as well as expansion opportunities in existing and new markets. SCPE will receive a 9.8% stake in Topaz in return for its investment.
“Joining forces with a private equity powerhouse like SCPE will enable Topaz to truly accelerate the realisation of our strategic plan,” said René Kofod-Olsen, ceo of Topaz. “We have now enhanced the foundation from which we can deliver our ambition for further geographical diversification and growth through both organic expansion and acquisitions.”
Explaining the choice of partnering with SCPE as an investment Samir J Fancy, chairman of Topaz and its parent company Renaissance, said: “Bringing in institutional funds is a key part of the Board’s strategic capital markets plan. Topaz has been a target of much investor interest, however our choice of partner was logical given the deep multi-decade relationship between Topaz and Standard Chartered Bank.
“The diversification of our sources of capital puts Topaz firmly on the path to eventual independence as a world-class OSV business, as envisaged by Renaissance Service’s Group strategy,” he added.
Taimoor Labib, regional head of MENA private equity & head of global private equity portfolio management at SCPE, will be joining the board of Topaz.
Topaz currently operates a fleet of 99 vessels, with primary operations in Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico.
The transaction is expected to close in the fourth quarter of 2014.
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