Renaissance Services has entered into an agreement to divest Topaz Engineering Limited (TEL) and its subsidiaries which provide marine engineering and shipbuilding services in the Middle East.
Chalmers Holdings Limited has acquired the business for US$ 18.5 million.
A spokesman for Renaissance Services said: “This divestment marks a milestone in our One Group: Two Companies strategy, which has seen the Renaissance Group focus on its two core areas of expertise: offshore support vessels and contract services. We have handed over TEL responsibly to a well-renowned operator who will be able to take the business forward with the requisite focus and enterprise, and positively impact our people and customers.
TEL was previously held for divestment in the Renaissance Services accounts. The divestment will result in a loss of US$ 5.5 million, the company said.
“The divestment further streamlines Renaissance’s portfolio allowing absolute focus on growing its core businesses of offshore support vessels, through Dubai-based Topaz Energy and Marine, and developing its contract services business, based in Oman,” Renaissance said in a statement on Sunday.