Topaz Energy & Marine, the Dubai-based oil and gas Services Company said that market conditions are not favorable for the firm to proceed with its proposed initial share sale in London by Topaz's parent Renaissance Services SAOG. The firm was planning to raise about $500 million from the share sale.

Renaissance, having operations mainly in the Caspian Sea, said in a statement today, "Given the increasingly uncertain investment climate for new issues caused by international events, the board of Renaissance has decided not to proceed until market sentiment is more settled."

Chief Executive Officer Fazel Fazelbhoy had earlier said that Oman-based Renaissance wishes to expand its fleet of ships and the firm needs funds worth $2.5 billion. About the new date of share sale, the firm said that the decision would be taken after consultations with Topaz.

However, the firm ruled out any adverse impact of this postponement on the progress of company.

Topaz, one of the biggest oil services companies in the Middle East, was expected to get market capitalization of $1.7 billion, making it eligible for inclusion in the FTSE 250.