"Oman's Renaissance Services has sold Topaz Energy and Marine for US$46 million, two years after it pulled a $500m flotation of its UAE-based unit on the London Stock Exchange.
The sale caps a turbulent two years for the Omani company, which had to absorb losses accumulated by the unit, refinance debt and even deal with an investigtation into corporate fraud at Topaz.
The UAE company, which supplies specialised boats to the offshore oil and gas industry and runs an engineering arm, was bought by the United Kingdom-based Interserve at a fraction of Topaz's valuation at the time of the planned initial public offering. A flotation in 2011 would have implied a total market value between $1.5 billion and $1.9bn."
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