Topaz secures finance for further vessel investments

Offshore staff

DUBAI, UAE – Topaz Energy and Marine has signed the first phase of a $330-million bank loan to help refinance some of its existing loans.

According to parent company Renaissance Services, the deal should lead to extra liquidity and new investments in Topaz’s offshore support vessel (OSV) operations.

Topaz won more than $500 million in new charters in 2011, and claims to run one of the youngest, newest, and most versatile OSV fleets in the Middle East North Africa and Caspian regions, with an average vessel age of 6.5 years.

Geir Sjurseth, managing director, Offshore Support Group, DVB Bank SE said: “The completion of the first phase comes amid a very challenging debt market in general and a banking market in particular. However, Topaz’s preferential position in its key markets and a continued positive outlook for the offshore marine industry made this possible, and I think that the phase one commitment will evidence more financial support going forward.”

5/30/2012

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