Mubasher: Topaz Energy and Marine Company, a subsidiary of Oman's Renaissance Services Company, on Monday reported a 51.9% rise in its losses in the fourth quarter of 2016.

Topaz losses amounted to $97.8 million in Q4-16 compared to $64.4 million in the same period of 2015, Renaissance said in its statement to the Muscat Securities Market (MSM).

Topaz also reported $102 million in losses for 2016 compared to $58.5 million in 2015, an increase 74.4%.

Topaz Energy and Marine is a wholly-owned subsidiary of Renaissance Services.

The Oman-listed company last reported deepening its annual losses by 39.1% reaching OMR 41.76 million in 2016 compared to OMR 30.03 million in the year before.