Muscat, march 30 - Leading Omani multinational, The Renaissance Group, listed on Muscat Securities Market (MSM) as Renaissance Services SAOG, held its 23rd Annual General Meeting (AGM) at the Capital Market Authority Hall on Thursday, followed by an Investors and Analysts Meeting.
The group contains two core businesses — Topaz and Renaissance. Topaz achieved a market-leading 86 per cent utilisation of its core fleet in 2018 and anticipates a positive trend in its market outlook for 2019.
Visibility of earnings generation and vessel utilization is positive for 2019, due to the safety, modernity and relevance of the Topaz fleet; and the stability of strategic partnerships and long-term contracts with blue-chip International Oil Companies (IOC) and National Oil Companies (NOC) clients.
Topaz’s portfolio of vessels, despite the global OSV fundamental valuation reset, its geographic footprint, disruptive innovation and leadership position in home markets, together with the flexibility of the company’s operating model, have enabled and will enable Topaz to adapt well to future challenges
Renaissance services business offers strategic and integrated facilities management solutions for businesses in a wide range of sectors and geographies. The company provides contract services, IFM and runs the Renaissance Village brand, which is a uniquely designed workforce accommodation solution and Renaissance Duqm Village, which is the sultanate’s largest state-of-the-art PAC. Its clients include government, universities and hospitals, ports, industries in diversified sectors, onshore and offshore hydrocarbon development and the military.
In 2018 the company achieved a 100 per cent record in major contract retention and extension, along with new contract gains. Renaissance won contracts to support the joint military exercise for Saif Saree’a at Duqm, MAM and Shaffa.
The company maintained high occupancy levels at all Renaissance Villages in PDO’s oil and gas fields. Extended its contract tenure in major IFM contracts with BP Khazzan and Al Mouj. The company increased its market share in competitive tender for contract services to the Ministry of Health hospitals.
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