Shearman And Sterling

News July 26, 2017

Shearman & Sterling Advises on Topaz’s Tender Offer for Its Existing Notes and $375 Million High Yield Notes Offering

Shearman & Sterling advised Topaz Marine S.A. (Topaz), a subsidiary of Topaz Energy and Marine Limited, on Topaz’s offer to purchase its outstanding senior notes due 2018, and its offering of $375 million of new senior notes due 2022. 

The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on July 26, 2017. The senior notes are guaranteed on a senior unsecured basis by Topaz Energy and Marine Limited and certain of its subsidiaries. The proceeds from the offering were used to repurchase and redeem Topaz’s existing notes and to pay fees and expenses related to the transactions.

Topaz Energy and Marine Limited, headquartered in Dubai, is a leading international offshore support vessel and marine solutions provider with a strong, focused position in the Caspian Sea region. In addition to the Caspian Sea, Topaz Energy and Marine Limited operates in the Middle East, North Africa and West Africa, and the company’s subsea assets operate in the global market (including the North Sea and the Pacific). The company’s operating fleet provides a wide range of offshore services required in the oil and gas industry, including supply, logistics, anchor handling, cable-laying, accommodation services, emergency response services and subsea operations. Topaz Energy and Marine Limited is a subsidiary of Renaissance Services SAOG, a publicly traded company listed on the Muscat Securities Market in Oman.

The Team