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Topaz Engineering sold to Chalmers Holdings

In a deal concluded at "fair market value" and confirmed at Seatrade Offshore Marine Workboat yesterday, Renaissance Services SAOG has sold its subsidiary Topaz Engineering to Chalmers Holdings which plans to expand its EPC activities in the marine and oil and gas sectors.

The transaction comes after a spell of more than two years during which Renaissance has made clear its intention to dispose of the shipyard and marine engineering business to focus on its core activity of offshore ship operation.

Rene Kofod-Olsen, ceo of Topaz Marine, said that the Renaissance main board was pleased with the disposal which had long been part of its strategy. The company was also pleased that Topaz Engineering had been sold to sound new owners, he added.

A total of five regional facilities have now changed hands. They include a waterfront shipyard at Mussafah in Abu Dhabi, a repair facility in ADPC which includes a recently refurbished 2,000-tonne floating dock, large workshops in Fujairah and Dubai Maritime City and another workshop at Al Quoz in Dubai.

Topaz Engineering comprises two divisions, Nico International which focuses on ship repair, and Nico Craft at the Mussafah shipyard. It is here that Chalmers intends to expand its EPC activity, particularly in the oil and gas arena.

John Thomas, Chalmers Engineering chief operating officer, revealed that the company intends to spend between $8-10m at the Mussafah shipyard which has 165 m of prime waterfront. The money will be invested in a new jetty and capital dredging of the approach channel to a likely depth of 8-9 m, enabling the float-out of larger offshore modules in due course. Work will also include construction of a new office block.

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