(MENAFN) Oman's Renaissance Services said that its unit Topaz Energy and Marine inked the first phase of a USD330 million debt plan with lenders, Reuters reported.
The company originally said it was aiming at USD380 million for refinancing, and expected the deal to close by the end of 2011.
The UAE-based unit, which was hit by a USD2.9 million fraud scandal, and forced to pull a London listing amid valuation concerns and regional unrest, said the first phase of the refinancing plan totals USD203 million.
The deal will refinance Topaz's existing debts and releases USD60 million in trapped equity, it added.
Topaz operates mainly in the Middle East, North Africa and Caspian Sea region, running a fleet of 100 offshore support vessels.
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