Topaz Engineering, the offshore support vessels subsidiary of Oman's Renaissance Services, yesterday announced the refinancing of the first part of loans totalling US$330 million.
The refinancing of the first $203m comes after a difficult 2011, in which profit slumped, the company became embroiled in a fraud scandal, and a planned IPO on the London Stock Exchange was abandoned as a consequence.
Renaissance also suffered, with full-year profit of just $6m followed by disappointing first-quarter results of only 782,000 Omani rials. The refinancing allows Topaz's troubled OSV arm to pursue its expansion programme, and Topaz announced that $60m of equity has been freed up for investment.
While debt is still high, Topaz operates in a high-cost industry, where high levels of expenditure are vital for survival. "Their capex [capital expenditure] is on the higher side, which is usual for this kind of business," said Sameer Kattiparambil, an associate vice president at EFG-Hermes in Oman. "But looking at the profitability, we expect better results, especially in the second half of the year."
The company is well entrenched in markets in the Gulf and in the Caspian, and has a presence in Saudi Arabia, where offshore oil and gas production is growing. Some of its ventures, such as a move into Brazil, have been less successful so far, but break-even is within reach, said Topaz.
Analysts note that $60m is only a small step in an investment programme that exceeds $1 billion, while the initial plans to refinance $380m have been reduced. The failure to disclose the terms of financing could also indicate that borrowing had come at a significant cost, says one analyst.
Topaz may turn to Islamic financing for the second stage of its refinancing, a move that will open up new sources of funds, and potentially reduce costs.
There is also a more tantalising prize. The London IPO, out of reach so far, could be the next recourse to funding, if Topaz's fortunes are revived.
fneuhof@thenational.ae
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
10 tips for entry-level job seekers
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Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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MATCH INFO
Uefa Champions League, last-16, second leg (first-leg scores in brackets):
PSG (2) v Manchester United (0)
Midnight (Thursday), BeIN Sports
SPECS
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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If you go
The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.
The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).
When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final