In a well thought out 2-year strategy, Renaissance Services SAOG concluded the sale proceedings of one of its subsidiaries Topaz Engineering to Chalmers Holdings. The company intends to divest from its non-core businesses and focus on offshore support vessels and contract services.
Chalmers Holdings intend to expand their Engineering, Procurement and Construction activities in the marine and oil-gas sectors. CEO of Topaz Marine, Rene Kofod-Olsen opined that the company was pleased that the unit had been sold to sound owners.
Currently, Topaz Engineering is made of two divisions (a) Nico International – ship repair, (b) Nico Craft at the Mussafah shipyard. Chalmers Engineering see a great potential to expand their EPC activity in this division, particularly in the oil and gas arena.
The sale resulted in five regional facilities changing hands. (a) A waterfront shipyard at Mussafah in Abu Dhabi (b) A repair facility in ADPC which includes a recently refurbished 2,000-tonne floating dock (c) A large workshop in Fujairah (d) A large workshop in Dubai Maritime City ( e)and a third workshop at Al Quoz in Dubai.
Chalmers Engineering, COO, John Thomas, said that an amount close to $8-10m would be invested at the Mussafah shipyard which has 165 m of prime waterfront. The money would go toward the construction of a new office block, and also a brand new jetty and capital dredging of the approach channel. By creating a depth of 8-9 m larger offshore vessels could easily pass through.
Source: Seatrade
