(MENAFN) Renaissance Services has signed an agreement to spin off Topaz Engineering Limited (TEL) and its subsidiaries, which provide marine engineering and ship building services in the Middle East.
The Omani multinational company said it sold the business to Chalmers Holding Limited in a deal valued at USD18.5 million. The divestment will result in a loss of USD5.5 million.
"The divestment streamlines Renaissance's portfolio allowing absolute focus on growing its core businesses of offshore support vessels, through Dubai-based Topaz Energy and Marine," a spokesman for Renaissance said.
During the second quarter of the current year, Topaz Energy concluded a USD550 million financing initiative that involved refinancing of its senior secured bank debt.
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