DUBAI Aug 20 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)