16 May 2013
Muscat: Renaissance Services is exploring joint venture initiatives in Nigeria, Angola and Australia. The Australian initiative will concentrate on the North Western Shelf where oil and gas exploration and production spend is growing, according to the chairman's statement, released by the company as part of the first quarter result.
The net profit of Renaissance Services shot up 140 per cent to OMR4.8 million for the first quarter of 2013, over the same period last year. The company's revenue for the quarter also moved up to OMR68.5 million, from OMR61.2 million during the period under review.
Renaissance shares soared 5.47 per cent to 578 baisas amid 2.45 million shares changing hand on the Muscat Securities Market (MSM) yesterday. As far as the marine group is concerned, 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," stated Samir J. Fancy, Chairman of Renaissance Services.
In the Middle East, the six K-Class vessels deployed last year in Saudi Arabia are performing well. Renaissance has placed orders for four PSVs due to high demand for this class of vessel in a number of tendering opportunities arising this year in many of its existing and target markets.
In the Global fleet, solutions are in place for financial turnaround of the two vessels deployed in Brazil. Renaissance also said that two major vessels were off-hire in the North Sea for January and February, but they are now back on hire and occupancy levels across the fleet are at expected high utilisation levels in the second quarter.
The contract services performance is below last year, but this should not obscure the fact that continuing operations are growing profitably. This year's results are without the divested UAE operations and follow a reduction in scale of short-term operations in Afghanistan.
Catering contract
In Oman, the company won the catering operations for Occidental Oman Mukhaizna Project for three years for 1,500 people. The contract mobilises on June 1, 2013. The company's Permanent Accommodation for Contractors (PAC) projects in Oman are performing well. There is still some occupancy shortfall in Marmul PAC, but the company is working with the client to resolve this.
The company has won a land utilisation contract with the Special Economic Zone Authority for Duqm (SEZAD) and is actively developing a full feasibility study and design package to move the project forward.
Renaissance continues to explore some divestment initiatives of certain subsidiaries and will report outcomes as they arise. NTI and UMS remain profitable, growing businesses, with debt-free balance sheets and strong cash-flows.
Muscat: Renaissance Services is exploring joint venture initiatives in Nigeria, Angola and Australia. The Australian initiative will concentrate on the North Western Shelf where oil and gas exploration and production spend is growing, according to the chairman's statement, released by the company as part of the first quarter result.
The net profit of Renaissance Services shot up 140 per cent to OMR4.8 million for the first quarter of 2013, over the same period last year. The company's revenue for the quarter also moved up to OMR68.5 million, from OMR61.2 million during the period under review.
Renaissance shares soared 5.47 per cent to 578 baisas amid 2.45 million shares changing hand on the Muscat Securities Market (MSM) yesterday. As far as the marine group is concerned, 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," stated Samir J. Fancy, Chairman of Renaissance Services.
In the Middle East, the six K-Class vessels deployed last year in Saudi Arabia are performing well. Renaissance has placed orders for four PSVs due to high demand for this class of vessel in a number of tendering opportunities arising this year in many of its existing and target markets.
In the Global fleet, solutions are in place for financial turnaround of the two vessels deployed in Brazil. Renaissance also said that two major vessels were off-hire in the North Sea for January and February, but they are now back on hire and occupancy levels across the fleet are at expected high utilisation levels in the second quarter.
The contract services performance is below last year, but this should not obscure the fact that continuing operations are growing profitably. This year's results are without the divested UAE operations and follow a reduction in scale of short-term operations in Afghanistan.
Catering contract
In Oman, the company won the catering operations for Occidental Oman Mukhaizna Project for three years for 1,500 people. The contract mobilises on June 1, 2013. The company's Permanent Accommodation for Contractors (PAC) projects in Oman are performing well. There is still some occupancy shortfall in Marmul PAC, but the company is working with the client to resolve this.
The company has won a land utilisation contract with the Special Economic Zone Authority for Duqm (SEZAD) and is actively developing a full feasibility study and design package to move the project forward.
Renaissance continues to explore some divestment initiatives of certain subsidiaries and will report outcomes as they arise. NTI and UMS remain profitable, growing businesses, with debt-free balance sheets and strong cash-flows.
© Times of Oman 2013
