Topaz Group, which in March last year pulled an initial share sale in London, may sell its oil and gas engineering unit as sales fall short of break-even.
"We are pursuing an initiative that may lead to divestment of the Topaz Oil & Gas Engineering Division business,- Topaz's parent Renaissance Services said in a statement on its website yesterday. "The due diligence process is in progress- and the sale maybe completed by the end of fourth quarter or in first quarter, it said, without disclosing the name of buyer.
Topaz, an engineering and marine business which operates mainly in the Caspian Sea and provides services in Brazil and Africa, said in March last year it would not proceed with a share sale in London, citing market conditions. Topaz chief executive officer, finance director and chief operating officer of Topaz Engineering stepped down after Renaissance "uncovered some serious issues- at the unit, Renaissance said in August last year.
Renaissance said it reorganised Topaz Group in mid-2011 and Topaz Engineering was split into Topaz Oil & Gas Engineering Division and Topaz Marine Engineering Division.
From Times Of Oman