Topaz could sign $550mn loan this week

Cash injection to be used to refinance debt and fund new projects

A deal could be done this week, according to reports.
A deal could be done this week, according to reports.

Dubai-based oilfield services firm Topaz Energy and Marine is close to securing a loan worth at least $550mn to help refinance existing debt and fund new projects, according to news agency Reuters.

Emirates NBD, First Gulf Bank, Gulf International Bank, HSBC, Noor Bank and Standard Chartered will provide the loan, said three banking sources, with two adding it could be signed this week.

The company, an arm of Oman's Renaissance Services, told Reuters of its plans to borrow the money in November, with chief executive Rene Kofod-Olsen saying it had chosen investment bank Rothschild to coordinate the fundraising.

It plans to use the proceeds to refinance an existing $380mn loan package at a lower interest rate and to provide cash for potential expansion, he said.

A spokesman for Topaz declined to comment on the loan.
 

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