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Oman’s Renaissance Services approves DP World’s offer to buy Topaz Energy

Industry

Oman’s Renaissance Services SAOG has announced that its shareholders have approved a stake sale of 86.5 per cent in Topaz Energy & Marine Limited to DP World

The shareholders approved the sale during a shareholders meeting on 29 July, the company stated.

Earlier this month, DP World agreed to acquire Dubai-based oil services company Topaz Energy and Marine from Muscat-based Renaissance Services and the private equity arm of Standard Chartered for an enterprise value of US$1.08bn.

Moody’s Investors Service said the acquisition of Topaz Energy and Marine by DP World will expose the global ports operator to greater volatility due to its first venture into the oil and gas industry.

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