The Channel A Renaissance Services SAOG Group Newsletter volume 2 issue 4 www.renaissance-oman.com Print less. Save more trees. The Channel is a digital bi-monthly internal newsletter produced by Renaissance Services which aims to reach every employee in each country of our worldwide operations. Please do forward this to your fellow team members and thank you! PDO Managing Director visits PAC Marmul Petroleum Development Oman top management tour the company’s Marmul PAC facilities. H2 Outlook Future outlook forecasts for the company’s three core businesses: Topaz Marine, Topaz Engineering, and Contract Services Group. HSE first: training new recruits in UAE RFMS successfully mobilizes and traines over 300 staff in support of new contracts. Also Inside: H1 2011 Results Renaissance Services SAOG issues its quarterly statement for the half-year from Chairman, Mr. Samir Fancy. Purity…Devotion…Compassion…Kinship… May the spirit of Eid be with you al- ways! Click on the following link to view Renaissance’s Eid al Fitr greeting: http://www.nibblesoman.com/greeting/Eidgreerting2011.htm Progress book launched Renaissance Day advert CSG HSE statistics
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The ChannelA Renaissance Services SAOG Group Newsletter volume 2 issue 4
www.renaissance-oman.com
Print less. Save
more trees.
The Channel is a digital bi-monthly internal
newsletter produced by Renaissance
Services which aims to reach every
employee in each country of our worldwide
operations. Please do forward this to your
fellow team members and thank you!
PDO Managing Director visitsPAC MarmulPetroleum Development Oman top
management tour the company’s Marmul
PAC facilities.
H2 Outlook
Future outlook forecasts for the
company’s three core businesses:
Topaz Marine, Topaz Engineering, and
Contract Services Group.
HSE first: training new recruitsin UAERFMS successfully mobilizes and
traines over 300 staff in support of new
contracts.
Also Inside:
H1 2011 Results
Renaissance Services SAOG issues its
quarterly statement for the half-year
from Chairman, Mr. Samir Fancy.
Purity…Devotion…Compassion…Kinship… May the spirit of Eid be with you al-
ways! Click on the following link to view Renaissance’s Eid al Fitr greeting: http://www.nibblesoman.com/greeting/Eidgreerting2011.htm
Progress book launched
Renaissance Day advert
CSG HSE statistics
from left: Mr. Samir Fancy, Chairman of Renaissance, and Mr. Ali bin Hassan
Sulaiman, Director of Renaissance
Renaissance discloses financial results for the 2011 half-year
Financial News
Renaissance Services disclosed its financial results and
Chairman’s Report for the half-year period of 2011. The
company achieved a 12.7% increase in revenue totaling
approximately Rial 133 million (US$ 345 million) with the
Marine Group accounting for Rial 54.5 million (US$ 141.6
million), Contract Services Group accounting for Rial 43.9
million (US$ 114 million), and Engineering Group
accounting for Rial 35.7 million (US$ 92.7 million).
Fundamental strengths of the company’s businesses were
intact despite significant challenges faced in the period.
Obstacles tackled included losses in the Engineering
business, unusual low utilisation of four major vessels in
Q1 2011 (Q1) in the Marine business, and increased
employment costs in the Contract Services business due
to a national paradigm shift in terms and conditions of
employment in Oman.
The Contract Services Group (CSG) has invested
heavily in an accelerated Omanisation programme over
and above its ongoing national workforce development
programme, at the same time improving terms and
conditions for Omani employees. While CSG increased
overall revenue by Rial 7 million (US$ 18.2 million),
operating profit of the group declined by Rial 2.9 million
(US$ 7.5 million), however the cost increases will be
gradually mitigated.
The half-year report focused on explaining the current
challenges and assured shareholders that all problems are
under control and that the company would soon be back on
a path of progress more commonly associated with
Renaissance.
The company reported that it had uncovered breaches
of ethical conduct at an international Topaz subsidiary while
potential one-off negative impact issues in Topaz
Engineering included a potential cost to the company’s
withdrawal from a loss-making MOBY boat yard operation
venture in Kazakhstan.
Stephen Thomas, CEO of Renaissance, has taken
direct responsibility as interim Topaz CEO in addition to his