The Channel Issue 3 by Renaissance Services SAOG

May-June 2009

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

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

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

vol.0 issue3

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

Topaz COO named IMCA Chairman

Chief Operating Officer of Topaz Marine, Mr. Roy Donaldson, has recently been elected to Chairman of the International Marine Contractors Association (IMCA) for its Middle East and India section. Mr. Donaldson had presided as the Vice Chairman of IMCA during 2008 and

has served the Offshore and Marine industry for 20 years. Topaz has through its subsidiaries Nico Middle East, Bue Caspian and Bue Kazakhstan been a member of IMCA since 1998. The IMCA is an international trade association founded in 1972

Social Responsibility

and sets technical and HSE standards within the Offshore and Marine Industry. Renaissance CEO Mr. Stephen Thomas said, “We are very proud of Roy’s achievement. He thoroughly deserves this recognition as one of the outstanding leaders of the OSV industry.”

PAC Progress - Safety First

Renaissance has recently fulfilled its commitment to the Association of Early Intervention for Children with Special Needs for the second year. Through the agreement, Renaissance has pledged a 3-year agreement to support the training of 45 Omani teachers through a diploma programme in special education. If you are interested in donating your time or attention to the Association of Early Intervention, there are many facets that you can join including the awareness, advocacy or fund raising teams, among others. Visit www.aei.org.om/ejoin.htm for more details on how you can contribute. We invite you to share your innovative ideas on how you can make a positive contribution to the community that you serve. Please write to Corporate Communciations Manager, hala@tawoos.com

Pictures at Marmul Clockwise from top: Excavation works for manholes; Laying out walkway; Roof waterproofing; Operatives working at height with safety harness clipped on correctly

The Contract Services Group has been committed to its mission in completing its PAC (Permanent Accommodation for Contractors) projects in Bahja and Marmul with all three components of safety, time and cost entact.

CEO Visits Marmul PAC

JUNE - While on an inspection visit to Marmul, Renaissance CEO, Mr. Stephen Thomas, reported that he was very pleased with the safety and progress made on site, and encouraged everyone committed to and involved in the Marmul project. “In any Renaissance project we strive to achieve our mission to complete the project safely, on time and in cost,” said Mr. Thomas while stressing on the same for order of priorities. “I am absolutely delighted to say that I find the entire conduct of the project to be excellent. The safety ethos and HSE-MS compliance here are exemplary. When the safety is managed in this way, the consequence of on-time and in-cost comes as no surprise. I urge our project team and their management to continue giving every care and attention to the wellbeing and welfare of the workforce. There are over 800 people on this site, I salute them all, and thank them for their effort and diligence far from home in a hot, dusty, desert environment. So once again, well done and thank you to all.”

At the Marmul site 1.2 million manhours without LTI come hand in hand with an excellent safety culture and PPE, and compliance in housekeeping, hardware, vehicle, plant and equipment standards. Next issue: PAC Progress at Bahja

CEO Stephen Thomas with CSG - GM Development Adil Bahwan and PAC Project Construction Manager Kamran Raza, and with other members of the onsite team

Advert Will oil price hit $75? How will the economy outlook effect global oil demand? Is there such a thing as peak oil? Can you answer any of these questions? If yes, then please contribute! Submit your answers now to hala@tawoos.com!

Work in Progress

Nico International has recently completed the first milestone of a large project for client Vopak Horizon. The Topaz Engineering unit has successfully completed the design, fabrication and installation of offshore trestles and pipes without a single lost time injury. The project is due for completion in December 2009.

Awareness

The Sharjah Electricity and Water Authority (SEWA) has stepped up its campaign against water misuse in June by handing fines up to DH 10,000 (RO 1,000) for wasting and polluting water. “Water is a valuable resource but is wasted by the public,” said Acting Director General Ibrahim bin Deemas of the SEWA. There are over 100 ways to save water, and it all starts with you. Here are just a few tips: ↗ Put food coloring in your toilet tank. If it seeps into the toilet bowl without flushing, you have a leak. Fixing it can save up to 1,000 gallons a month. ↗ Use drip irrigation for shrubs and trees to apply water directly to the roots where it's needed. ↗ Encourage your school system and company to develop and promote water conservation among children and adults. ↗ Water your lawn and garden in the morning or evening when temperatures are cooler to minimize evaporation. ↗ Collect the water you use for rinsing fruits and vegetables, then reuse it to water houseplants. ↗ If water runs off your lawn easily, split your watering time into shorter periods to allow for better absorption. ↗ Don't use running water to thaw food. Defrost food in the refrigerator for water efficiency and food

safety. ↗ Turn off the water while brushing your teeth and save 25 gallons a month. ↗ When you have ice left in your cup from a take-out restaurant, don't throw it in the trash, dump it on a plant. Most of the water in the GCC comes from desalination plants which are extremely expensive and only a few countries can afford them, and water conservation is a key environmental issue that concerns the globe and every person. Can you imagine your life without clean, running water?

‘Kanoo 40’ completed

Nico Craft, a part of Topaz Energy and Marine, has delivered a 30.2 metre crew boat named ‘Kanoo 40’ for client Kanoo Shipping. The Kanoo 40 is a medium speed catamaran designed to service vessels within 50 nautical miles from port of refuge.

TISCO and NTI receive Ministry award Left: Mr. Thomas with Renaissance, Tisco and NTI staff

MAY - Tisco and NTI have been awarded by the nation’s Ministry of Manpower for outstanding Omanisation programmes for the year 2008. Out of the hundreds of companies in Oman judged for their Omanisation programmes only 58 were recognized by the Ministry in the ceremony that took place recently. This marks the fifth Omanisation award for Tisco.

Bottom from Right: Mahfudh Al Hosni, Yaaqub Al Haddabi, and Salma al Shukeiry receive their awards for recognition in job and company loyalty. Mr. Stephen Thomas accepts Tisco award from HE Maqbool bin Ali bin Sultan, Minister of Commerce and Industry

Left: Ms. Turkiya Al Hassani, NTI HR & Admin Manager receives Omanisation award on behalf of NTI

Be a Safety Leader

As a safety leader, what others actually see you doing sets the standard of behavior of others. A person who visits a site briefly and ignores the need to wear the minimum PPE requirement sets a poor example. The message received is ‘we don’t really need to wear these bump hats and safety shoes all the time, because that guy didn’t need them when he was here.’ Silence or lack of action as a safety leader is the same as giving your approval. Demonstrate your commitment and beliefs that safety at work is really important to you.

Feedback Let’s Hear from You!

Please send your ideas, comments, suggestions, stories, pictures and the like to Corporate Communication Manager, Hala Srouji, via email: hala@tawoos.com or phone: 24796636 (ext.303) Thank You!

OER Debate and Award event

MAY - Attended by over 100 of corporate Oman’s top leaders, the OER Debate and Award event held at Muscat’s Capital Market Authority was a collective success for its organizers, the Oman Economic Review (OER) team. The debut event that discussed the state of the Sultanate’s economy was organized under the auspices of HH Sayyid Tarik bin Shabib bin Taimur,

OER Editor-in-Chief, and HE Yahya Al Jabri, Executive President of the CMA, and invited guest of honor HE Maqbool bin Ali bin Sultan, Minister of Commerce and Industry, to give a key note address. Oman’s Indian Ambassador Anil Wadhwa also attended. Renaissance CEO Mr. Stephen Thomas was one of seven panel speakers who took part in the debate panel. The speakers also included Omantel CEO Dr. Amer al Rawas, Shell Oman Marketing CEO Faisal al Hashar, BankMuscat Chief Executive Abdulrazak Ali Issa, Galfar Construction CEO Hans Erlings, National

Bank of Oman CEO Murray Sims and Oman Cables Industry COO Hans Meiring. The distinguished panel speakers represent the very top listed companies in the Sultanate recognized in OER’s Top 20 annual ranking for 2008 published last month. In concluding the event the 20 companies that made the ranking were given plaque mementos in recognition of their status.

Above: Mr. Stephen Thomas accepts Renaissance OER Award. Top: OER Awards; Debate panel speakers. Right: CEO’s and Directors meet in the CMA trading floor prior to the debate

Quality HSE

Prize Student

2,082,270 Contract Service Group total man-hours in May; Zero LTI

Ms. Rimpa Bhowmich, a student of the National Training Institute’s (NTI) Business Management Programme has received a world prize in Corporate and Business Law. Rimpa is enrolled in NTI’s Association of Business Executive

(ABE) certification, a UK based awarding body for many different courses and recognized worldwide by employers. The Business Management program of ABE is accepted as an entry qualification to MBA programmes by many universities worldwide. NTI’s Financial Studies Division offers a wide range of professional academic courses on Accountancy, Finance, Marketing, Business Management and related short term courses. Some of its offerings are professional courses such as ACCA, CAT, ABE & IAB. The pass rates and the overall results in ACCA, ABE & IAB from NTI course programmes are much higher than the global pass rates.

Employee Focus

Is it true that you have 150,000 stamps? The total collection is 150,000+ stamps, but the mint which is very rare and very valuable is almost 25,000 stamps. I am a member of around 24 countries of the Philatelic organizations. What is that? Philatelic is a stamp collector’s organization, each country will have a department of the Philatelic, even Oman has it. So you pay in advance to become a member and when the country puts out a stamp they’ll mail it to you directly. Stamps that are only limited prints will disappear in a day and may not come out again. That is why collecting has become very important! What’s the stamp collecting culture like, and what’s the business aspect to it? There are swappers that meet to exchange stamps and other valuable collectors’ items. Other than stamps I collect old postcards also, phone cards, coins, mint bank notes. So we exchange. Some people will be interested in stamps and some of them interested in phone cards. Top over printed stamps are very rare to find, and stamps with mistakes have a value. I’ve been to more than 100 swap meets around the world but now I’ve reduced to only a few places like Finland, Australia, UK and Poland. Some of the collectors become very good friends and we meet to exchange face to face. Is collecting in your genes? Later on I noticed my grandparents had a collecting habit, when they gave me over 100 year

documents of my grand-grandfather for instance. None of my brothers or sisters has this habit. When I started my collection at the age of 12, my uncle gave me a few stamps and asked me to collect them, at the time I used to collect whatever I see in the shape of a stamp. I didn’t know how to collect or how to handle it, I used to put gum on the backside and stick it in my notebook, but it’s not the proper way of collecting. Collecting is majorly about hygienic care and methods that I learned later on. Are your kids collectors? I’m trying to get them in the habit. My collection is huge and taking care of it is not easy. But also now I’m encouraging my colleagues’ kids who are interested in collecting. Collecting has become very rare since today everything is email, email! Children hardly see stamps. I make a starter kit with a few commemorative stamps from various countries with lots of colors to interest kids and it’s worked. Also it’s a good gift to give a Philatelic membership for a kid, for just RO 20 at the Oman Post the kids will start receiving stamps and mail in their name, it’s very encouraging. How much time do you spend on your collection?

Murali Kannan is Creative Director at UMS and works in Interactive & IT Solutions media. Murali has been with UMS for over 15 years.

For the last two years I couldn’t spend much time because my son had just come into the family, I couldn’t participate much, but weekly I’ll spend half a day. Before, I used to spend two hours every day. It’s a good learning tool because you learn so much about cultures and news events. You can see history in the stamps, or sports, leaders, and various categories. They are very creative and can give you lots of ideas.