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Renaissance Declares Q3 2011 Interim Results

Renaissance Services has declared its interim results for the nine months ended 30 September 2011. Renaissance has achieved revenues of Rial 206 million (US$ 535.6 million), an increase from Rial 187.3 (US$ 486.5 million) or 10%, recorded in the corresponding period last year.

Samir Fancy, Chairman of Renaissance Services, stated in the quarterly statement, “Renaissance has a strong track record of 10 consecutive years of delivering growing profits. However, in 2011 we experienced a number of setbacks. Nevertheless, continuing revenue growth underlines the enduring value of the Renaissance franchise. The company’s EBITDA and Operating Profit have remained positive despite losses in the Engineering business. The improving performance of key business areas demonstrates that the company has arrested the temporary decline of 2011 and the turnaround towards positive business growth is well underway.”

The full financial results and Chairman’s Statement may be accessed on Muscat Securities Market website, as well as the company’s website. 




Invitation to Conference Call on Q3 2011 results

Renaissance Services SAOG invites its shareholders, investors and all stakeholders of the public interest to a conference call with the company's management headed by Stephen R. Thomas, CEO of Renaissance Group, along with Vishal Goenka, CFO of Renaissance Group.

Mr. Thomas and Mr. Goenka will openly address and respond to questions regarding the company’s third-quarter (Q3) 2011 results, statements made in the Chairman's Report, and the present operational and financial performance of the company and its subsidiaries.

The conference call is being organized through BankMuscat.

We welcome your participation and have arranged for the following numbers for our local and international stakeholders to take part:

Date: Tuesday, 15 November 2011
Time: 8:30 AM Oman/UAE Time, 4:30 AM London Time
Duration: 45 minutes
Oman participants please dial: +44 (0) 1452 555 566
UAE participants please dial: 8000 440 189
UK participants please dial: +44 800 694 0257
Other Intl' participants please dial: +1 866 966 9439
Conference ID: 28282581
Passcode: 28282581

Replay available

The conference call will last approximately 45 minutes. Please dial-in 10 minutes ahead of the scheduled start time to ensure your participation. 

Replay Access Number: 28282581#
International Dial in: +44 (0) 1452 55 00 00
UK Free Call Dial In: 0800 953 1533
UK Local Dial In: 0845 245 5205
USA Free Call Dial In: 1866 247 4222
Replay Availability: Till 28th November 2011




Renaissance subsidiary Topaz announces US$ 380 million financing initiative

UAE-based Topaz Energy and Marine, a leading oilfield services multinational and subsidiary of Renaissance Services, has announced a US$ 380 million financing initiative, led by Standard Chartered Bank and DVB Bank.

The initiative will involve both regional and international lenders in a refinancing deal that features Topaz’s offshore support vessel (OSV) division, Topaz Marine, which ranks among the top ten OSV operators world-wide.

In its half-year statement, the parent-company Renaissance Services, publicly listed in Oman’s Muscat Securities Market, stated its intention to refinance some existing borrowings and consolidate financing facilities with a syndicate of banks.

Vishal Goenka, Chief Financial Officer of Renaissance, said, “This deal will significantly improve Topaz’s liquidity, unlock trapped equity, and increase the availability of new funds to capitalize on future growth opportunities. The interest from our relationship banks and also from new banks in this deal is very encouraging and reaffirms the market’s appreciation of the company’s business model and governance. Out of US$ 380 million, approximately US$ 125 million is for vessels under construction and for investments in new vessels. ”

Goenka added that the company expects the financing initiative to be completed before the end of December 2011.

Strong Support
“This financing, including a hunting license for additional vessel growth, puts Topaz in a unique position to accelerate from an enhanced balance sheet platform,” said Geir Sjurseth, Managing Director & Global Head Offshore Support Group of DVB Bank.

DVB Bank, which specializes in global offshore finance, is an active player in the Middle East market. “We are delighted to expand our excellent relations with Topaz and its parent company Renaissance to support the company’s continued growth objectives. DVB has gained considerable expertise dealing with Topaz through its MENA, Caspian and non-Caspian vessel operations, and we will continue to support the leading OSV operator in its core markets,” added Sjurseth.

Commenting on the alliance, Nigel Anton, Managing Director and Head of Shipping Finance at Standard Chartered Bank, said, “Standard Chartered is delighted to be able to strengthen our relationship by supporting Topaz with their ambitious growth plans; our co-arrangement of this transaction together with DVB Bank underpins our belief in the future success of Topaz. Standard Chartered as a well-capitalized and liquid bank remains fully committed to the region and the shipping business.”


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