Muscat - Renaissance Services reported a 140 per cent increase in net profit for the first quarter ended March 31, 2013 to RO4.8mn from RO2mn reported in the same period last year.
According to a filing with the Muscat Securities Market (MSM) on Wednesday, the company said revenue in the first quarter of 2013 grew to RO68.5mn from RO61.2mn in the same period last year, an increase of 11.9 per cent.
The Renaissance stock rose 5.47 per cent on Wednesday and was the top gainer on the MSM.
Renaissance's marine group (Topaz Marine) reported a 40 per cent rise in revenue to RO34.9mn in the first quarter from RO24.9mn in the same period last year, while the marine group's operating profit increased to RO9mn from RO5.3mn.
"In the Caspian, eight vessels have moved from Kazakhstan to work on the Filanovsky project in Russia. The company has opened a new office in Astrakhan to support the project. In Azerbaijan, the company is mobilising the new-built Topaz Triumph for Total in the Absheron gas field. The vessel is expected to deploy by June 2013," said Samir J Fancy, chairman of Renaissance Services, in his statement submitted to the MSM.
He added, "In the Middle East, the six K-class vessels deployed last year in Saudi Arabia are performing well. The client, Saudi Aramco, has expressed appreciation for the safety, quality and compliance of the Topaz fleet operation. Saudi Aramco is issuing tenders for additional offshore support vessels (OSVs). The company expects to be a serious contender for these opportunities."
"In the Global fleet, solutions are in place for financial turnaround of the 2 vessels deployed in Brazil. The company is exploring JV initiatives in Nigeria, Angola and Australia. The Australian initiative will concentrate on the North Western Shelf where Oil and Gas E&P spend is growing," Fancy said.
Renaissance's contract services group revenue declined to RO23.9mn from RO27.9mn, while operating profit decreased to RO3.4mn from RO5.4mn in the previous year's first quarter.
© Muscat Daily 2013
