Topaz Energy and Marine, the Dubai-based oil services company, has appointed JPMorgan Cazenove to advise on a possible flotation on the London Stock Exchange.
The company, one of the biggest oil services companies in the Middle East, is looking to raise “several hundreds of millions of pounds” to expand its businesses in the Gulf and the Caspian Sea as well as smaller operations in west Africa and Brazil, according to a person familiar with the situation.
That person, who described a London listing – first reported on Sky News – as “highly possible”, said a final decision on the matter will be made within the next two months. The company declined to comment.
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