Gulf's Topaz Energy gets $75 mln investment from Standard Chartered PE

DUBAI Wed Aug 20, 2014 1:24am EDT

DUBAI Aug 20 (Reuters) - Oman's Renaissance Services said on Wednesday that its unit Topaz Energy and Marine had secured a $75 million investment from Standard Chartered Private Equity (SCPE).

SCPE will inject the equity in return for a 9.8 percent stake in the business, Renaissance said in a statement to Oman's bourse. The funds will be used to expand Topaz's fleet and develop its business.

The transaction is expected to close in the fourth quarter of this year, Renaissance added.

Topaz, an oilfield services firm which operates 99 vessels around the world, pulled out of a $500 million London share flotation in 2011, citing volatile markets. (Reporting by Praveen Menon; Editing by Andrew Torchia)