The Channel Issue 3

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May-June 2009

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A Renaissance Services SAOG Group Newsletter

New ten-year, US$100 million contract

internal newsletter

MAY - Renaissance has won a RO 38.5 million (US$ 100 million) ten-year contract with Agip KCO through the Topaz Energy and Marine subsidiary BUE Kazakhstan. The contract, which calls for six new ice-class barges, is in line with the long term nature of the business and driving the Renaissance commitment to growth. The award further solidifies the company’s ability to deliver stable cash flows and investor returns over a number of years in these times of global financial turmoil, and leverages the group’s already leading market position in the Caspian. The six ice-class barges will be deployed in 2010 and are three cutting, one liquid-mud and two flattop barges. Each is specialized to handle icy conditions and the units are all low-draft when fully loaded. These features are essential to operating in the shallow waters and harsh weather conditions of the Kashagan field. The news of this significant event appeared on front business pages of local press.

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Inside

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From the Chairman’s statement

In brief

July – The Renaissance racing trimaran which placed thid in the first leg of the iShares race will embark on its second race leg in the Mediterranean town of Hyeres, South of France. You can follow the progress on www.isharescup.com.

August – Renaissance to publish Q2 results.

August – UPP’s Oman Economic Review (OER) magazine will rollout a one of a kind initiative to raise awareness on environmental conservation in Oman. For more details go to and July – Oman celebrates www.oeronline.com Renaissance Day marking click on Green Awards. when His Majesty Sultan Qaboos acceded to the throne in the Sultanate of Oman.

Topaz COO named IMCA Chairman... PAC progress in Marmul and Bahja...OER Debate and Awards...NTI student wins world prize... How to use water wisely...HSE stats...all inside!

please visit www.renaissance-oman.com

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Renaissance Values Quality

I repeat my assertion from our annual statement, that we shall not waste this crisis. We are able to reassure all stakeholders that our positive outlook remains unchanged and reaffirm our promise to immediately inform you of any major positive confirmed developments or negative setback to that view.” Chairman of Renaissance Services SAOG, Samir J. Fancy

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We commit to embrace a Quality Assurance culture. To drive and foster a “continuous improvement” credo in everything we do. Never satisfied, always innovative.

CEO message

Lessons from a tiny Pacific Island I recently came across an article by Mark Gimein discussing the roller-coaster experience of the Nauruan economy: The tiny Pacific nation of Nauru used to enjoy one of the highest per capita incomes in the world. Now it is effectively bust. The key to its brief period of financial greatness was phosphate, an important ingredient in fertiliser, derived from the accretion of thousands of years of bird droppings. All went well until the phosphate ran out. The Nauruans had prepared for this by building up a $1 billion national trust fund. It didn’t last. There were bad property bets, embezzlement and a comically disastrous investment in a short-lived London musical. It’s easy to view Nauru as an extreme example of the ‘natural resources curse’ and bad investment advice. But it offers a universal lesson. There is no country in the world – from Nauru to the US – that can sustain itself indefinitely on the proceeds of yesterday’s economic successes, no matter how well invested the funds. The only effective use of money earned today is to channel it into new industries that

ensure future vitality. Without that, the end will always be in sight, and possibly closer than anyone thinks. Now this lesson is relevant for all economies with current over-reliance on finite resources. This is why the oil & gas driven economies in which we operate are implementing serious economic diversification programmes. It is also why the global oil & gas majors pursue initiatives to sustain the longevity of oil and gas fields; supporting global energy conservation, alongside innovative programmes to enhance recovery of previously economically unviable reserves, while actively searching for new sources of energy.

The Nauru lesson is also relevant for a company like Renaissance. Not meaning we should radically diversify from our core business focus; but rather, within that focus, we must constantly be on the lookout for new opportunities, new ways of doing things, new ways of helping our clients and customers succeed in their objectives, through the relevance, quality, efficiency and effectiveness of the services we provide and the assets we deploy. Many of you will know how I become restless and concerned when we don’t have

something new and exciting on the anvil; and how I love it when I see positive agitation for new growth occurring across our businesses. The Nauruans missed that point. Renaissance people understand this at a gut level: We don’t rest on successes, and that is why our growth path is so impressive.

Stephen R. Thomas CEO Renaissance Services SAOG


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The Channel Issue 3 by Renaissance Services SAOG - Issuu