Topaz Secures Loan to Refinance Debt, Expand

Dubai-based oilfield services firm Topaz Energy and Marine has secured a $550 million conventional and Islamic multi-tranche loan, it said on Thursday.

Standard Chartered (SCBFF), HSBC, Emirates NBD , Noor Bank, Gulf International Bank and First Gulf Bank were lead arrangers on the deal, according to a statement from the company.

The loan consisted of three portions lasting between five and seven years, with proceeds used to refinance existing debt and fund its expansion plans.

Reporting by Tom Arnold