The company said the deal paves the way for extra liquidity and new investments in Topaz’s offshore support vessel (OSV) operations.
DVB Bank offshore support group managing director Geir Sjurseth said the international transport finance bank is confident that signing of the $203m tranche will pave the way for a successful $330m plus finance package.
"The completion of the first phase comes amid a very challenging debt market in general and a banking market in particular," said Sjurseth.
The $203m loan was arranged and financed by Standard Chartered, DVB Bank and First Gulf Bank, Renaissance said.
The agreement will refinance Topaz’s existing borrowings and release $60m in trapped equity.
Topaz operates mainly in the Middle East and Caspian Sea region, running a fleet of 98 offshore support vessels.
