Renaissance holds AGM, investors and analysts meeting
Times News Service
MUSCAT: Leading Omani multinational the Renaissance Group listed on the Muscat Securities Market (MSM) as “Renaissance Services SAOG” held its 22nd Annual General Meeting (AGM) at the Capital Market Authority Hall, Muscat, on Wednesday, March 28, 2018, followed by a meeting of investors and analysts.
The group has two core businesses—Topaz and Renaissance.
Topaz operates a modern, young and diverse fleet of over 100 offshore support vessels (OSV) for the oil and gas sector, primarily located in the Caspian and Middle East and North Africa (Mena) markets.
Renaissance services business offers strategic and integrated facilities management solutions for businesses in a wide range of sectors and geographies. Renaissance provides contract services, IFM, and runs the Renaissance Village brand, which is a uniquely designed workforce accommodation solution, and Renaissance Duqm Village, which is state-of-the-art largest PAC in Oman.
The clients include government, universities and hospitals, ports, industries in diversified sectors, onshore and offshore hydrocarbon development and the military.
The Topaz market outlook is decidedly more positive going into 2018, when compared with 2017. However, industry conditions are expected to be difficult in the short term. The company, however, anticipates a positive trend in the utilisation of its vessels and an improvement in the company’s ability to build further contract cover.
The recovery in oil prices, accompanied by growing utilisation and demand, leads Topaz to believe the company has passed the peak impairment levels of 2016. In the third quarter, Topaz announced a strategically important contract win with Total in Azerbaijan. The win results from Topaz’s global relationship with Total, established through successfully supporting Total’s operations in West Africa and the Middle East. This newly established relationship in Azerbaijan shows great promise for further growth.
The $550 million Tengiz project in Kazakhstan is progressing well ahead of schedule and within budget. As a result, two vessels have commenced operations earlier than anticipated. The overall construction of the module carrying vessels (MCVs) continues with remaining deliveries scheduled over the next six months. Topaz’s strong performance under the contract is expected to further broaden the company’s opportunities with both Chevron and ExxonMobil. Topaz’s total revenue backlog remains at a market leading $1.5 billion — significantly, $1 billion of this will be invoiced over the next three years. This means the company has already secured revenue greater than 2017 in each of the next three years. In addition, the company has built a very healthy bidding pipeline, underscoring the company’s positive outlook.
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