Topaz Energy & Marine, a Dubai- based oil and gas contracting company, is seeking to raise as much as $500 million in an initial public offering in London, according to terms for the sale obtained by Bloomberg News.
The company is seeking to sell as much as $500 million (Dh1.8 billion) of new shares while its owner, Muscat, Oman-based oil and gas service provider Renaissance Services SAOG, will also sell part of its stake in the IPO, according to the sales document. It didn't disclose how many existing shares will be offered.
Topaz Energy & Marine was acquired by Renaissance Services in 2005.
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