Oman’s Renaissance Services plans to sell its Topaz Engineering unit, booking a loss of $5.5 million amid the biggest drop in global energy prices since 2008.
Muscat-based Renaissance said it has agreed to sell the marine engineering and shipbuilding company for $18.5m to Chalmers Holdings, a Dubai-based marine and offshore outfit.
The sale follows Renaissance’s earlier divestment of a Topaz Engineering unit in 2013 and is part of a strategy to sell non-core assets that started three years ago.
"The strategy has been implemented over a number of years to see Renaissance divest its non-core businesses and focus on offshore support vessels and contract services," a Renaissance spokesman told The National.
The spokesman said Renaissance will focus on its international offshore vessels through Dubai-based Topaz Energy and Marine, a separate company from Topaz Engineering, and developing its contract services business in Oman.
The price of crude oil has fallen 48 per cent in the past 12 months amid an increase in supply from North American producers and a drop in demand from emerging markets such as China.
That trend has put producers, explorers and support companies under severe financial pressure.
Renaissance shares have shed 66 per cent of their value in the past year.
In August Topaz Energy and Marine reported a second-quarter loss of $4.1m related to investments in West Africa and a one-off $8m charge associated with debt refinancing.
It had reported a $12.7m profit for the second quarter of last year.
Consolidated revenue fell 6 per cent to $90.1m from $95.9m for the year-earlier period.
Despite the drop in earnings and tough environment for oil services companies,it said last month that it would buy two subsea vessels from Vard Brattvaag of Norway for about $115m. Topaz Energy and Marine, which operates a fleet of more than 95 offshore support vessels, said the two vessels are due for delivery in the third and fourth quarters of 2017. The company also has options for two more vessels.
mkassem@thenational.ae
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
ABU DHABI ORDER OF PLAY
Starting at 10am:
Daria Kasatkina v Qiang Wang
Veronika Kudermetova v Annet Kontaveit (10)
Maria Sakkari (9) v Anastasia Potapova
Anastasia Pavlyuchenkova v Ons Jabeur (15)
Donna Vekic (16) v Bernarda Pera
Ekaterina Alexandrova v Zarina Diyas
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
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Scorline
Iraq 1-0 UAE
Iraq Hussein 28’
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
PRESIDENTS CUP
Draw for Presidents Cup fourball matches on Thursday (Internationals first mention). All times UAE:
02.32am (Thursday): Marc Leishman/Joaquin Niemann v Tiger Woods/Justin Thomas
02.47am (Thursday): Adam Hadwin/Im Sung-jae v Xander Schauffele/Patrick Cantlay
03.02am (Thursday): Adam Scott/An Byeong-hun v Bryson DeChambeau/Tony Finau
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03.32am (Thursday): Abraham Ancer/Louis Oosthuizen v Dustin Johnson/Gary Woodland
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Company%20profile
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Company%20Profile
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed