Oil services firm Topaz planning £1bn flotation
11 April 2012
Topaz Energy and Marine, an oil services firm based in Dubai, today set out plans to raise $500 million (£311 million) by floating in London next month.
The shares are tipped to be priced between 170p and 230p, valuing it at up to $1.7 billion (£1billion) and put it in the FTSE 250.
Topaz - which employs almost 1200 staff and had revenues of $408 million in 2010 - will use the proceeds to pay for expansion into deepwater sites in Africa and Brazil.
The deal will trigger fees of more than £3 million for investment banks, with the work led by Nick Garrett and Barry Weir of JPMorgan Cazenove and Rupert Hume-Kendall and Andrew Osborne of Bank of America Merrill Lynch.
