Offshore vessel operator Topaz Energy and Marine secured a $75 million equity investment from Singapore-based Standard Chartered Private Equity (SCPE).
SCPE will inject $75 million of equity into Topaz in return for a 9.8 percent stake in the company.
The funds will be used to support Topaz’s long-term fleet expansion plans.
“Joining forces with a private equity powerhouse like SCPE will enable Topaz to truly accelerate the realization of our strategic plan,” Topaz’s CEO René Kofod-Olsen said.
SCPE is a private equity and venture capital arm of London-based Standard Chartered PLC.
Dubai-based Topaz has a fleet of more than 100 vessels with a focus on Middle East and the Caspian Sea operations.
Topaz is a wholly owned subsidiary of Renaissance Services SAOG. Renaissance is based in the Sultanate of Oman.
In 2013, Topaz’s revenue was $376 million and its EBITDA was $163 million.
