Topaz Marine, the Dubai-based oil services company, said yesterday that it is offering to buy-back all of its outstanding US$350 million senior notes that are due in 2018 from the holders of the paper.
The tender offer on the 8.6 per cent notes will expire on July 21 at 5pm New York time, the company said in a regulatory filing. Topaz said that it was offering to pay holders $1,044 per $1,000 in principal amount.
The company said it was undertaking the buy-back in order to refinance the debt in a private placement to qualified investors outside of the United States. That new sale will be for $375m and will be guaranteed on a senior unsecured basis by Topaz and by certain of its subsidiaries. It did not say what the coupon on the new notes would be.
Topaz, a subsidiary of Oman-based Renaissance Services, has suffered in recent years from lower oil prices. The company's recorded a $3.3m loss in the first quarter due to what is said was ongoing challenging conditions for the industry.
Goldman Sachs, HSBC, and Standard Chartered are managing the tender offer on the $350m buy-back.
Despite the gloom surrounding low oil prices, a renewed emphasis on reducing operating costs for oilfields while maximising production is expected to lift the outlook for oil services firms later this year.
Low oil prices, which have been a fixture for more than two years, had slowed spending from oil majors and eased demand for offshore support vessels.
Abu Dhabi-based Gulf Marine Services (GMS), another oil services company, said it anticipated clients returning their focus on production targets.
“We anticipate that most, if not all, of the work lost due to cancellations or the non-renewal of contracts in 2016 will be re-tendered this year,” Duncan Anderson, the chief executive of GMS, said in March.
The company, which provides offshore vessels for the oil, gas and renewables sectors, reported a 60.8 per cent drop in profit to $29.4m last year compared with $75m in 2015. Revenue fell 22 per cent to $179.4m, with utilisation decreasing to 70 per cent from 98 per cent the previous year.
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Company%20Profile
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
Leaderboard
63 - Mike Lorenzo-Vera (FRA)
64 - Rory McIlroy (NIR)
66 - Jon Rahm (ESP)
67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)
68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)
69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)
The biog
Name: Marie Byrne
Nationality: Irish
Favourite film: The Shawshank Redemption
Book: Seagull by Jonathan Livingston
Life lesson: A person is not old until regret takes the place of their dreams
If you go
The flights
Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.
The car
Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals. A week's car hire costs from Dh1,500 including taxes.
The hotels
Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.
More info
To keep up with constant developments in Portland, visit www.travelportland.com. Good guidebooks include the Lonely Planet guides to Northern California and Washington, Oregon & the Pacific Northwest.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The%20specs
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