Oman’s Renaissance Services plans to sell its Topaz Engineering unit, reported The National, and at a loss of $5.5 m to Chalmers Holdings, a Dubai-based marine and offshore outfit.

This is part of a strategy to sell non-core assets that started three years ago, a Renaissance spokesman explained, adding that this way they can “focus on offshore support vessels and contract services”.

The marine engineering and shipbuilding company should be sold for $18.5m, prompted it is believed by the decline in oil prices, with Renaissance shares losing their value by 66% in the past year.

According to Trade Arabia Renaissance is also hopes to develop “its contract services business, based in Oman”, a company statement explained.

Topaz Energy and Marine operates a fleet of more than 95 offshore support vessels and, despite the sale to Chalmers, has purchased two subsea vessels from Vard Brattvaag of Norway for about $115m.