Dubai: Oman-based multinational oil and gas services provider Renaissance Services, parent company of UAE-based marine offshore and engineering outfit Topaz Energy and Marine, has reported that revenue increased to 187.3 million Omani riyals (Dh1.8 billion) in the nine-month period ending September 2010.
This compares with 176.1 million riyals in the corresponding period last year.
Operating profit also increased to 32.5 million riyals against 27.8 million riyalslast year; while net profit rose to 20.8 million riyals, up nearly 20 per cent from 2009.
Renaissance Chairman Samir Fancy confirmed that the company already has the financial capacity in place to implement the 2010-12 $1.3 billion capital expenditure programme for current identified sustainable organic growth, announced last year.
Describing the progress of Renaissance's Marine, Engineering and Contract Services businesses, Fancy said, "Our company has a credible growth story; strong, differentiated and defendable existing market positions; sound industry fundamentals; an experienced management team; and a flexible, resilient financial business model."
He announced that the company is turning its attention to a new phase of "transformational change", to capitalise on further organic growth opportunities in the Caspian and Mena regions, while setting its sights on "following future oil" in new markets that shall include "Brazil and West Africa".
Opportunity
In an upbeat report, Fancy said, "We must now maximise the scale of opportunity that lies before us", and announced a "material increase in investment in professional advice" to consider options for raising new capital, with firm recommendations to follow "in the best interest of shareholders" after all options have been considered.
Renaissance Services is listed on the Muscat Securities Market in the Sultanate of Oman. The company's primary focus is on providing services to the oil and gas industry.
Renaissance owns and operates a combined Offshore Support Vessel fleet of 100-plus vessels; has engineering business in oil and gas fabrication, ship building and afloat ship repair; is a turnkey contract services provider of facilities management, facilities establishment, contract catering, operations and maintenance services.
Renaissance's 2009 revenues were in excess of $ 0.6 billion. The firm currently employs over 11,000 people and operates in more than 16 countries.
