Renaissance Services wholly owned subsidiary, Topaz Energy and Marine, has divested its offshore support vessel TEAM Siam to Thailand-based Mermaid Offshore Services Ltd for US$ 29.5 million (Rial 11.3 million) in a deal that represents exceptional value for both parties.
The move comes as a natural progression of Topaz's long-term relationship with Mermaid and is part of Topaz's ongoing fleet upgrade programme which pursues acquisitions and divestments of vessels on a regular basis every year.
TEAM Siam, a DP2 Diving Support Maintenance Barge, had been on charter to Mermaid Offshore for over four years. The vessel was refitted in 2002 to ensure an extended life value and was extremely well maintained by its Topaz operators. TEAM Siam performed outstandingly and had proven crucial to Mermaid's operations, making the vessel an attractive asset on offer.
During 2009, Topaz had announced the addition of eight new vessels at a value of US$ 109 million (Rial 41.9 million), while its newbuild programme is currently worth over US$ 200 million (Rial 76.9 million). The company is adhering to its long term strategy to expand its fleet while reducing the fleet age profile and expects to grow its fleet further in 2010.
The sale is a reflection on the company's quality of maintenance and continuous investment in its vessels that ensure the integrity and durability of the company's assets.
Stephen Thomas, Renaissance CEO said, "Renaissance owns over US$ 1 billion (Rial 384.6 million) of assets and this type of transaction highlights the embedded value in the company's balance sheet."
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For more information, please contact:
Hala Srouji
Corporate Communication Manager
Renaissance Services SAOG
P.O. Box 1676, P.C. 114
T: (+968) 24796636 Ext. 303
F: (+968) 24796639
M: (+968) 99867737 | hala@tawoos.com | www.renaissance-oman.com
© Press Release 2009
