Renaissance to sell Topaz Engineering for $18.5m

DUBAI: Oman’s Renaissance Services plans to sell Topaz Engineering Limited for $18.5 million to Chalmers Holdings, the company said.
Renaissance will divest the marine engineering and ship building services unit and its subsidiaries, with the deal resulting the Omani firm booking a loss of $5.5 million, it said in a bourse filing.
Renaissance is divesting Topaz Engineering as part of a wider strategy in the company to focus on its core business of offshore support vessels, through Dubai-based oilfield services firm Topaz Energy and Marine, “and developing its contract services business, based in Oman,” the statement added.