Renaissance inks $37 million finance deal
Posted: 27 August 2007
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Renaissance has signed two finance facilities with BankMuscat and BankDhofar. The facilities for a total of $37 million will be invested by Renaissance in its 100 per cent subsidiary Topaz Energy and Marine Limited to support Topaz Energy’s expansion and renewal program of ‘offshore support vessel fleet’ servicing oil and gas industry, a press release received here said.
Strong support from local Omani banks has helped the group to move forward in its oil and gas investment program, which is poised to deliver strong returns over the medium to long term. Local banks have recognized the strong business model of the group and have structured the terms of the facilities accordingly.
Speaking on the occasion, BankMuscat’s General Manager (Commercial Banking), Ganesan Sridhar, said: "Renaissance Services is today one of the most recognized and trusted names in the oil and gas services in the region.
The organization, along with its subsidiary, Topaz Energy & Marine, has over the years continued to grow in strength and stature. BankMuscat has been associated with the growth of Renaissance over the years and will continue to support the company in its future endeavors.
BankDhofar’s General Manager (Wholesale Banking) Mohammed Redha A. Jawad, said: "The Renaissance Group has a prestigious relationship with BankDhofar. With this transaction, BankDhofar reiterates its strong commitment to partner the Renaissance Group in its growth strategy. It gives us great pleasure to provide our banking services to Renaissance and its group companies."
Renaissance has strong relationship with local banks in Oman . Both BankMuscat and BankDhofar have been associated with the Group over the years. Renaissance has grown exponentially in and outside Oman and Omani banks would play a key role in the future growth plans of the Group.
Renaissance’s effort to broadening its banking relationship locally and regionally, would augur well for the expansion plans of the Group, said Renaissance CEO, Stephen Thomas. Renaissance is a diverse service group listed on the Muscat Security Market with a primary focus on oil and gas services. |
