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Trowers & Hamlins advises Renaissance Services SAOG on divestment of its oil field maintenance, fabr

Trowers & Hamlins advises Renaissance Services SAOG on divestment of its oil field maintenance, fabrication and construction services business unit to Interserve Plc for US$46 million

Trowers & Hamlins has advised Renaissance Services SAOG, the Muscat Securities Market-listed services company, on the sale of its oil field maintenance, fabrication and construction services business unit to Interserve Plc, a FTSE 250 company, for US$46 million.

The divested business unit provides its services in the Middle East and has extensive fabrication space spanning 140,000m2 split between two manufacturing sites in Abu Dhabi and Fujairah. 

Trowers & Hamlins advised on all aspects of the agreement to divest, the pre-restructuring of the business unit, and the transitional services arrangements between Renaissance Services SAOG and Interserve Plc. 

The deal was led by partner Guy Danalis and senior associate Johannes Eisser in Trowers & Hamlins' Abu Dhabi office with support from TMT partner Saleem Adam, who is also based in the firm's Abu Dhabi office.