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Renaissance announces 2011 preliminary results
  • Revenue up 14.4% to Rial 290 million (US$ 754m)
  • Net profit Rial 2.3 million (US$ 6m), impacted by series of extraordinary one-off items
  • Topaz Marine awarded Rial 175 million (US$ 455m) of charters in 2011

Renaissance Services SAOG, the Omani-based international oil and gas services company, announced today its preliminary results for the year ended December 31, 2011. The results are subject to audit by the external auditors and approval of the company's Audit Committee, Board of Directors and Shareholders.

Renaissance is expected to post revenues of Rial 290 million (US$ 754m), up by more than 14% from Rial 253 million (US$ 658m) in 2010. However net profit in 2011, at Rial 2.3 million (US$ 5.9m), was impacted by a series of extraordinary items which the company has successfully addressed. The total cost of one-off items amounted to Rial 11.4 million (US$ 30m), but was partially offset by a Rial 3.1 million (US$ 8m) write-back of tax provisions, based on arecent tax ruling issued by the Supreme Court in Oman on foreign dividends. The company achieved strong revenue growth and operational performance for 2011.

Stephen Thomas, CEO of Renaissance, said, "The fundamental business of Renaissance and the opportunities for the company's future growth remain strong. In 2011, we addressed a series of one-off operational challenges and we are now well-placed to move forward and progress the company's dynamic growth strategy."




Renaissance engineering subsidiarysecuresGAC Marine contract

Renaissance Services subsidiary Topaz Energy & Marine has been awarded a contract from GAC Group to provide completion services for twocrew/cargo vessels. Topaz's NicoCraft shipyard in Abu Dhabi has been awarded the contract based on the shipyard's capabilities and established track record. The duration and value of the contract was not specified due to client confidentiality requirements.

The construction and engineering works that will be undertaken as part of the contract include structural works, outfitting and equipment installation. Upon delivery, the vessels will be approximately 22 metres long, will carry 24 passengers plus 7 crew, as well as up to 15 tonnes of cargo.

Johan Fulke, Managing Director - Marine Services of GAC Marine LLC, said, "NicoCraft has all the specifications we were looking for in a GCC-based company; they are industry professionals who know how to deliver the right end-product on time and within budget. This contract marks the start of an exciting new relationship for both our companies."

GAC is a global provider of integrated shipping, logistics, marine and related services with operations in over 300 offices worldwide.

Thomas Bower, Managing Director of the Topaz Marine Engineering Division, commented, "Our first contract win with GAC is further recognition that our combined expertise in the construction and repair of aluminium and steel vessels are truly world class. The shipyard has successfully delivered over 20vessels in the last 3 years,and has gained international recognition as an efficient and safety conscious operation."

Bower added, "This contract also reaffirms NicoCraft's ability to grow and leverage its credentials beyond regional players, attracting global companies such as GAC to come and build at its shipyard. We look forward to a long-term, collaborative partnership between the two companies."


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