The acquisition expands Interserve's service offering in the UAE, a key growth market offering in excess of US$ 5bn of oil and gas contracts per annum, through a broad suite of Engineering, Procurement and Construction (EPC) and maintenance services offered to national and international oil companies in Abu Dhabi and Fujairah.
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Commenting on the transaction, Interserve CEO Adrian Ringrose said: "Interserve sees the Middle East oil and gas services sector as a key growth market and this acquisition establishes our presence in the UAE. It also complements other acquisitions we have made, such as TOCO of Oman and Madina in Qatar, enabling us to serve clients over a wider geographic footprint."
Interserve is acquiring the businesses from Renaissance SAOG, the Muscat Securities Market-listed services company. UAE-based Topaz Oil and Gas will be managed under Interserve's International Support Services division. Topaz's clients include Shell, ADOC (Japan), the ADNOC Group of Companies, Qatar Gas, RAK Petroleum and Aker Solutions.
Topaz has extensive fabrication space spanning 140,000m2 split between two manufacturing sites in Abu Dhabi and Fujairah. In addition, water frontage facilities provide the capability to deliver turn-key projects for clients both on- and off-shore as well as fabrication, construction, maintenance and rig repair services for the oil and gas, utilities and ports sectors.
(CD/JP)
