16 May 2012
Muscat: Renaissance Services posted RO2 million net profit before minority interest for the first quarter of 2012, against RO1.7 million for the same period of last year. The company's revenue touched RO74 million from RO68.5 million, the company said in a statement.
"There is progress on many fronts: completion of the first phase of re-financing; preparation for a convertible bond issue for shareholder consideration and approval to raise additional capital; completion of organization change; and strong underlying operational performance and business growth,- stated Samir J Fancy, chairman of the company.
The group's marine division is also implementing a planned transition of fleet, with older barges and smaller vessels demobilising from contracts in Kazakhstan. "We are planning to dispose of these vessels either inside or outside the Caspian. At the same time two new 190-T AHTS and one new 80-T AHTS have joined the OSV Fleet in the Caspian on contract to BP. The company's Saudi Arabian subsidiary has been awarded a new charter for six 60-T AHTS vessels for Saudi Aramco. The total value of the contract is $88.7 million and all six vessels shall be deployed during the second quarter. The vessel charters are for a three-year fixed period and have an additional option for each vessel of two years at Saudi Aramco's discretion,- the chairman added.
Samir also said that the company has completed the first phase of refinancing with $203 million, which releases trapped equity of $60 million.
This meets all our immediate funding requirements in the marine business. We are planning a second phase of $57 million later in the year. The separation of the initiative into two phases is better aligned with the timing of our actual needs. It also allows us the scope to accommodate the differing requirements of the financial institutions that partner with us and support our business. This also allows us to offer opportunity for Islamic financing, for which our marine business is ideally suited.-
"We had also advised our intention to raise $70 million for vessels under construction, and $50 million as a hunting line for growth of the fleet. We have separated this from the main re-financing initiative and have already funded more than 90 per cent of vessels under construction from bridge funding and internal accruals. We expect to complete the financing for these vessels in the near future, which will improve the company's liquidity position further.
Muscat: Renaissance Services posted RO2 million net profit before minority interest for the first quarter of 2012, against RO1.7 million for the same period of last year. The company's revenue touched RO74 million from RO68.5 million, the company said in a statement.
"There is progress on many fronts: completion of the first phase of re-financing; preparation for a convertible bond issue for shareholder consideration and approval to raise additional capital; completion of organization change; and strong underlying operational performance and business growth,- stated Samir J Fancy, chairman of the company.
The group's marine division is also implementing a planned transition of fleet, with older barges and smaller vessels demobilising from contracts in Kazakhstan. "We are planning to dispose of these vessels either inside or outside the Caspian. At the same time two new 190-T AHTS and one new 80-T AHTS have joined the OSV Fleet in the Caspian on contract to BP. The company's Saudi Arabian subsidiary has been awarded a new charter for six 60-T AHTS vessels for Saudi Aramco. The total value of the contract is $88.7 million and all six vessels shall be deployed during the second quarter. The vessel charters are for a three-year fixed period and have an additional option for each vessel of two years at Saudi Aramco's discretion,- the chairman added.
Samir also said that the company has completed the first phase of refinancing with $203 million, which releases trapped equity of $60 million.
This meets all our immediate funding requirements in the marine business. We are planning a second phase of $57 million later in the year. The separation of the initiative into two phases is better aligned with the timing of our actual needs. It also allows us the scope to accommodate the differing requirements of the financial institutions that partner with us and support our business. This also allows us to offer opportunity for Islamic financing, for which our marine business is ideally suited.-
"We had also advised our intention to raise $70 million for vessels under construction, and $50 million as a hunting line for growth of the fleet. We have separated this from the main re-financing initiative and have already funded more than 90 per cent of vessels under construction from bridge funding and internal accruals. We expect to complete the financing for these vessels in the near future, which will improve the company's liquidity position further.
© Times of Oman 2012
