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The Channel
A Renaissance Services SAOG Group Newsletter
volume 1 issue 10
Renaissance announces record preliminary results
www.renaissance-oman.com
Renaissance Services has reported its unaudited results for 2009.
Also Inside:
Contract Services HSE roundup
UMS News Bites
Teams and contractors at CSG have been awarded for milestone HSE achievements.
Topaz CEO on offshore prospects Tree planting project
Upcoming events:
Renaissance sponsors more OBO Thirty six young people from government schools are given the opportunity to develop key life skills on Outward Bound/Tahaddi courses.
Mawlid al-Nabi (Prophet’s Birthday) Lent - Feb 17 - Apr 3 BizPro 2010 - Mar 2 OER CEO Golf 2010 - Mar 11
Congratulations, Steve!
The Channel is a digital 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!
On Tuesday, February 16th, Renaissance CEO Mr. Stephen Thomas, received the OBE at an Investiture Ceremony held on behalf of HM The Queen by HRH Prince Charles, The Prince of Wales, at Buckingham Palace.
Renaissance Services flowers in stormy times Renaissance Services has successfully rode out tough economic conditions and is expected to post revenues of Rial 248 million (US$ 645 million) for the year ended December 31, 2009, up from Rial 234 million (US$ 608 million) in 2008. Net profit after tax is forecasted at Rial 28.5 million (US$ 74 million), up from Rial 26.2 million (US$ 68 million) in the preceding year, while operating profit has increased 8.4% year on year as operating margins rose from 15.9% to 16.4%. “This is a good result for an international enterprise in a year of unprecedented global economic recession,” said Mr. Stephen Thomas, CEO of Renaissance. “The group as a whole and the Marine and Contract Services businesses have all outperformed prior year results, which is an extraordinary performance in their respective sectors at this time. The Engineering business has steered through a very difficult year and now has improving visibility ahead.” Mr. Thomas anticipates that the effects of the global recession shall continue in 2010, but added, “Our Chairman, Mr. Samir Fancy, has often written about the resilience of the Renaissance business model to all economic cycles. This is clearly seen in our 2009 unaudited results. We have built this company for continuous growth and long-term sustainability and we are confident of continuing significant progress in 2010 and beyond.” The results are subject to audit by the external auditors and approval of the company’s Audit Committee, Board of Directors and Shareholders. The audited results are expected to be finalised and released in the first week of March, while the company’s Annual General Meeting is scheduled to take place on March 28, 2009.
Revenue in Rial M*
Operating Profit %
250 16.4 245 16.2 240
16.0
235
230
15.8
225
15.6 2008
2009
2008
2009
*1 Rial = 2.6 US$
Topaz CEO foretells resilient OSV market Mr. Fazel Fazelbhoy, CEO of Topaz Energy and Marine, published a article in Emirates Business 24 /7 newspaper last month titled “OSV continues to offer growth opportunities”, which discussed the impact of 2009 on the offshore marine sector and the revitalized demand forecasted for 2010, and forecasted a bounce back for the OSV sector and other oil & gas services such as fabrication and construction. “At Topaz, we remain cautiously optimistic about the industry's prospects in 2010,” concludes the pragmatic Chief Executive. To read the complete article please visit www.reniassance-oman.com and click on the Media>News and Coverage button.
The Channel - issue 10 - February 2010
From the CEO Leadership Series
Competition – The Art of War No matter how obvious this is, I cannot over-emphasise the importance that we each have an intimate knowledge of the markets in which we serve and the status of each of our competitors in that market. But this knowledge will only have maximum effect if we also have an intimate knowledge of ourselves – our own strengths and weaknesses. It is many centuries since Sun-Tzu wrote ‘The Art of War’, but the essence of his advice remains totally relevant to commercial competitiveness today: Know the enemy and know yourself, in a hundred battles you will never be in peril. When you are ignorant of the enemy but know yourself, your chances of winning or losing are equal. If ignorant both of your enemy and yourself, you are certain in every battle to be in peril. This also requires us to be very careful about what we let our competitors know about ourselves. If you want to be a winner, avoid ego-driven boasting with competitors on matters that are best kept secret. Many of you will have often heard me say the true art of competition is taking everything we know about our competitors, and everything we have allowed our competitors to know about us, and using the difference – however slight – to take the competitive edge and win. Stephen R. Thomas CEO Renaissance Services SAOG
Renaissance Values:
Growth
We commit to expand our existing businesses and enter new activity whenever the undertaking appears wise and the investment sound in relation to the financial condition of the company. To learn more about our values please visit http://www.renaissance-oman.com/enB/About_Renaissance/Values.aspx
Extracts on future of Offshore industry: “The [OSV] market is continuously growing as a result of the increasing importance of offshore oil and gas versus more traditional onshore fields. Brazil's Tupi field and Kazakhstan's Kashagan field are prime examples. Both discoveries changed the oil and gas map…” “With a projected 2010 oil price of more than $70 a barrel and global E&P spend to increase by 11 per cent, we believe that there is still opportunity for growth for progressive OSV operators with modern, high-spec fleets with exposure in the right geographies.” The Channel - issue 10 - February 2010
SAFETY HSE Milestones at Contract Services In all Renaissance operations and across all our groups and geographies, we are committed to the imperative that our work should cause no harm to people or the environment, and remind our employees to consider Safety on a daily basis. Applying the highest standards of safety and efficiency is our vital contribution to ensure everyone returns home safely and unharmed to their loved ones. We praise each team and individual who carries out their task with safety, efficiency and quality in mind. Several teams and contractors at the Contract Services group have been awarded for milestone achievements in HSE in the past month, and we extend our hearty congratulations to every member. Congratulations to the team at Camp - JSS Shield (D1) in Baghdad, Iraq, on achieving one year without LTI. The client awarded the Renaissance site management with a Certificate of Appreciation for successful operation of the dining facility (DFAC) in a way that makes the DFAC a haven of comfort and hope in the most challenging of environments. Congratulations to the construction teams and management at Bahja and Marmul B for achieving 2 million man hours and 2.5 million man hours respectively without LTI. Renaissance PAC project managers rewarded subcontractor Douglas OHI with shields marking the event. Tawoos’ waste management sub contractor at PDO South, Maqshan, recently achieved 1 Year LTI Free. An award was presented to Maqshan, it’s second from Renaissance for working safely and without a lost time injury.
Bahja achieves 2 million man hours with no LTI
The Channel - issue 10 - February 2010
GREEN Renaissance PAC Qarn Alam on a new green campaign
Marmul B management and contractors celebrate achieving 2.5 million man hours with no LTI
Renaissance PAC Qarn Alam is scaling up its green initiatives following recent implementation of its plastic bottle recycling project with a new target to plant more trees. About eight weeks ago, 100 seeds were planted in PAC Qarn Alam’s garden nursery. So far only three have sprouted in their grow bags and are 2”, 1” and ½” in height. The gardeners are waiting with baited breath for the others seeds to sprout and show themselves. When the seeds have gained sufficient strength they will potted on, but it will take considerable time before they will be planted out. The tree seeds were donated from a local nonprofits organization that supports The Stand Up and Take Action Campaign, which has mobilized the plantation of 9.6 million trees since 2007 and has documented the results for a United Nations backed grassroots movement calling for the achievement of the Millennium Development Goals.
The Channel - issue 10 - February 2010
LOCAL Renaissance Services sponsored Outward Bound Oman/Tahaddi courses for government schools In the past three weeks, thirty six young people from government schools in Izki and Bahla have been given the opportunity to experience an Outward Bound Oman/ Tahaddi course thanks to the ongoing support of Renaissance Services. Eighteen boys from Jaifar Bin Julanda School in Bahla spent three days in the dunes close to Wadi Al Abyad, and eighteen girls from Um Al-Khair Girls School in Izki endured three days in the Sharqiya sands. Both groups were exposed to a series of problem solving activities and challenges to develop key life skills such as communication, time management, planning, target setting, leadership and environmental awareness. The Outward Bound Oman/Tahaddi initiative is a first for the Middle East region, recognising the importance of training and development for local people, and supporting the commitment by His Majesty
Sultan Qaboos bin Said, to develop the nation’s human resources in accordance with Oman’s Vision 2020. Outward Bound Oman has worked with over 200 young people since running its first course in late September 2009, developing their self confidence, and giving them exposure to the skills sought by leading employers in the sultanate, and estimates this number will reach to over 500 by the year end.
The Channel - issue 10 - February 2010
LOCAL Nabs tops Mt. Vinson On 17th January 2010, Nabil al Busaidy became the first Omani to summit Mount Vinson as he planted the Omani flag at 19:12 GMT on one of the seven highest summits on the seven continents in what was coined the Renaissance Services Antarctic Expedition. Renaissance Services has sponsored Nabil “Nabs” Al Busaidy, in his 2010 quest to become the first Omani to ascend one of the most dangerous summits in the world, Mount Everest. Nabs took on Mount Vinson in preparation of the arduous task ahead.
News Bites From UMS January saw the launch of the second special edition of OER – Connexions, coinciding with the Republic Day of India. With the growing importance of India Oman diplomatic and business ties, this annual initiative reviews Oman-India business for 2009 and showcases the best in business initiatives between the two countries. Connexions was unveiled by the Indian Ambassador, HE Anil Wadhwa with UMS’ CEO, Sandeep Sehgal. Atulya Sharma, Chief Strategy Officer for United Media Services, was invited by The Muscat Chapter of the Institute of Chartered Accountants of India to be the guest speaker at their recent professional development seminar at the CBFS Auditorium. Atulya presented his insights on Managing Creativity and Innovation to much acclaim.
United Media Services welcomed the new year in style with their 2010 Family Day on the 14th January, at the Capital Area Yacht Club in Sidab. UMS teams and their families got into the spirit of the pirate theme with fancy dress, a treasure hunt, and the pirate ship crew’s tug-ofwar competition. The evening saw all enjoying each other’s company at the UMS Talent Show, buffet dinner and dancing.
The Channel - issue 10 - February 2010