|Renaissance subsidiary Topaz successfully arranges refinancing|
Phase One of US$ 330 million loan agreement signed
Dubai, UAE; - May 2012: UAE-based Topaz Energy and Marine Ltd. (Topaz), a leading oilfield services multinational and a subsidiary of Renaissance Services, announced that it has signed phase one of a US$ 330 million loan agreement with a syndicate of banks towards the refinancing of some of its existing loans. The deal paves the way for extra liquidity and new investments in Topaz’s Offshore Support Vessel (OSV) operations.
The agreement completes phase one of Topaz’s previously announced refinancing initiative. The transaction refinances Topaz’s existing borrowings and releases trapped equity of US$ 60 million. The first phase of US$ 203 million refinancing was arranged and financed by DVB Bank, Standard Chartered Bank, and First Gulf Bank.
Vishal Goenka, Group Chief Financial Officer of Renaissance, said:
“We are pleased with the support our banking partners have shown in times of difficult economic conditions globally. The successful completion of the deal is testament to the confidence the banks place in Topaz Marine, which is underpinned by the Company’s track record of performance and corporate governance, as well as its prospects for future growth. We are further encouraged by the interest in the second phase of this transaction expressed by regional and international banks which reaffirms the market’s appreciation of the company’s business model.”
Nigel Anton, Global Head of Shipping Finance, Standard Chartered Bank said:
“We were delighted to be able to play a key role in the refinancing of Topaz Marine. This financing not only highlights our commitment to our clients, the region and to the shipping business but it also demonstrates the strength of Standard Chartered’s liquidity position and its capital base. We look forward to further growing our relationship with Topaz Marine and with the other local and International financial institutions that we closely worked with to deliver this successful transaction.”
Geir Sjurseth, Managing Director, Offshore Support Group, DVB Bank SE mentioned:
“DVB Bank, the leading international transport finance bank and a long time lender to Topaz’s MENA and Caspian offshore business, is confident that signing of the US$ 203 million tranche one will pave the way for a successful US$ 330 million + finance package. The completion of the first phase comes amid a very challenging debt market in general and a banking market in particular. However, Topaz’s preferential position in its key markets and a continued positive outlook for the offshore marine industry made this possible and I think that the phase one commitment will evidence more financial support going forward.”
Topaz Marine ranks among the top ten OSV operators world-wide, and won over US$ 500 million in new charters in 2011 alone. It has one of the youngest, most modern and versatile OSV fleets in the region. The Topaz fleet, with an average age of 6.5 years compared to an industry average of 13 years, operates primarily in the MENA and Caspian regions.
|Renaissance Declares Q1 2012 Interim Results|
Renaissance Services SAOG has declared its interim results for the three months ended 31March 2012. The company has recorded Revenues of Rial 74.00 million (US$192.2million).
|Rial Million||US$ Million|
|Q1 2012||Q1 2011||Q1 2012||Q1 2011|
|Net Profit before minority||2.0||1.7||5.2||4.4|
Note: EBITDA and Net Profit for Q1 2011 includes net provision of RO 2.2 million related to the contract cancellation in the company's Ship Building Operations.
The full Financial Statements and Chairman's Statement may be accessed on Muscat Securities Market website, as well as the Company's website: www.renaissance-oman.com
|Topaz Energy and Marine adds one more achievement to its track record|
Topaz Energy and Marine, a subsidiary of Oman-based Renaissance Services SAOG and a regional leader in providing offshore support vessels and engineering services, has added yet another milestone to its 35-year history by building two Anchor Handling/Offshore Support/Towing vessels.
The two sister vessels – Topaz Dignity and Topaz Triumph – will be operated by Topaz Marine on behalf of BP, the oil and gas major, on a long term contract basis in the Caspian Sea.
The ships will be fulfilling BPs’ demands for anchor handling/ tug /support and transport of dry and liquid cargo to and from pipe-laying barges, drilling platforms and production platforms for its offshore operations. The state-of-the-art vessels equipped with the latest cutting edge technical prowess are custom-built for Fi-Fi Class I and DP2 operations at a cost of approximately USD 50 million.
The Chairman of Renaissance Services, Samir Fancy, expressing his delight at the latest achievement stated: “We believe that the production and delivery of the two vessels to an Oil and Gas giant such as BP will enhance and establish Topaz’s strengths and credibility as a leader in providing offshore support vessel and engineering solutions”.
Thomas Bower, Managing Director of Topaz Engineering, adds: “The offshore support vessel market is an important and stable market sector that has a positive growth potential over the next few years, due to the aging fleets that presently operate in this segment. The building of the two sister vessels – Topaz Dignity and Topaz Triumph – demonstrates that our Shipyard is capable of designing, building, and delivering complex vessels to support this market. This is a step toward achieving the growth strategy for our Company over the next few years.”
Topaz Energy and Marine is a wholly owned subsidiary of Renaissance Services SAOG, the publicly traded multinational company on the Muscat Securities Market in Oman. Renaissance currently employs over 14,000 people, operates in 16 countries and its 2011 revenues were in excess of USD 0.75 billion. The company is anticipating improved stability and continued growth in 2012 with support of its stakeholders who recognise and value Renaissance for its growth record.
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