12 February, 2018
Interserve, the international support services and construction group, is pleased to announce it has entered into an agreement to acquire Topaz Oil and Gas Ltd (“Topaz”) and its subsidiaries which provide oil field maintenance, fabrication and construction services in the Middle East.
- Total consideration of US$ 46m (c. £30m)
- Further expands Interserve’s operational footprint in the Middle East oil and gas services market
- Transaction is expected to be EPS accretive in its first full year.
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.
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.
In January 2013 Interserve acquired a majority share in The Oman Construction Company (“TOCO”) which specialises in fabrication, maintenance and repair services for oil and gas refineries on-shore. The acquisition, which extended Interserve’s offering in the growth market of Oman, has been successfully integrated into the Group.
1 Together with its local partner Nama Enterprise Holdings LLC which will (as required by UAE law) be taking a 20% interest.