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The Channel
A Renaissance Services SAOG Group Newsletter
volume 0 issue 7
Q3 Results: Another strong quarter Renaissance Services announced its unaudited Q3 results to the Muscat Security Market, media and stakeholders, which reported an increase of revenue and operating profit against 2008 figures.
www.renaissance-oman.com
Also Inside: Renaissance signs new term loans Topaz Marine MENA wins Lloyd’s List NHI receives officials from Ministries Young students on Outward Bound
Topaz wins Turkmenistan contract PAC Qarn Alam recycles PET bottles BUE Turkmenistan, a group company of Topaz Energy and Marine, was awarded a Rial 5.4 million (US$ 14 million) contract.
HSE Statistic: 2 years no LTI at Fahud UMS launches new site Topaz team wins cricket tournament
CSG trains nationals for jobs Groups of young Omani nationals have begun training for job opportunities at NHI in response to the employment drive underway last month.
Upcoming Highlights: Eid al Adha UAE National Day - Dec 2
CEO Message “The Battle of Alamein” is a brief note on the importance of empowering leaders at all levels of the group and giving them the resources and freedom to succeed.
Renaissance extends its warmest congratulations and best wishes to all the people of Oman on the occasion of the 39th National Day.
Kazakhstan National Day - Dec 16 Qatar National Day - Dec 18 Oman Green Awards
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!
Financial Highlights Q3 results: Another strong quarter Renaissance Services announced its unaudited Q3 results to the Muscat Security Market, media and stakeholders, which reported an increase of revenue and operating profit against 2008 figures. The results present a recession-resilient performance in light of market conditions this year. The company’s Marine business has shown a growth of 12.4% and Contract Services business has also grown by 13.1% compared to the previous year. Worldwide, the Marine sector has seen sharp down turns and corrections in markets like the North Sea and Gulf of Mexico, however the company’s Marine business focus in the Caspian and Middle East market has delivered sustainable and outstanding performance. The Marine and Contract Services businesses remain on target to exceed 2008 performance to offset the downturn in the Engineering business. The company’s Engineering business has absorbed a heavy onetime development costs to establish its Shipbuilding facilities. But this initial impact of the development phase is over and the Shipbuilding business currently has an order book of US$ 70m under execution and outstanding proposals of an additional US$ 150m. The upturn for the other Engineering businesses is expected to be somewhat slower over the coming months, while the prognosis for the group as a whole is positive, which was reflected confidently in the Chairman’s quarterly statement.
From the Chairman’s Statement “No market and no company is recession-proof; but some markets and some companies are recession-resilient. Renaissance falls into the latter category and has delivered a resilient performance, which is seen in the financial results at the end of the third quarter.” - Samir J. Fancy, Chairman of Renaissance Services
The Channel volume 0 issue 7
Renaissance signs new term loan facilities of Rial 9 million (US$ 23.5 million) Renaissance Services has signed term loan facilities of Rial 5.75 million (US$ 15 million) with Bank Sohar and Rial 3.28 (US$ 8.5 million) with Bank Muscat. The term loan facility from Bank Sohar will be used to fund growth plans in the company’s Offshore Support Vessels (OSV) fleet and the term loan facility from Bank Muscat will be used in the expansion of the company’s existing Permanent Accommodation for Contractors (PAC) facilities. In light of the current financial environment the line of credit illustrates the company’s robust operations, assets and balance sheet, and reinforces the willingness of Omani banks to partner with Renaissance. The continued support from Omani banks has helped the company to
maintain the investments program in its corresponding to its growth areas in growth areas. Bank Sohar is quickly offshore services and building of emerging as a leading Omani bank and facilities in the interior. Bank Muscat is already holding a leadership position in Oman. The company’s policy has historically During the last nine months matched loans against its long term asset Renaissance has invested over Rial 57 development which illustrates its cautious million (US$ 148 million) in assets attitude on lending and reassurance.
Topaz wins strategic Turkmenistan contract BUE Turkmenistan, a group company of Topaz Energy and Marine, was awarded a Rial 5.4 million (US$ 14 million) contract for a period of 12 months by client MMHE (Malaysian Marine and Heavy Engineering). The scope of work under the contract will involve operating seven marine vessels in the Carigali field offshore Turkmenistan for MMHE. MMHE is operating a joint venture between Technip and Petronas in the construction and linkage of a high-tech platform, the Magtymguly Collector Riser (MCR-A), offshore Turkmenistan. BUE Turkmenistan will deploy modern and high-specification marine vessels worth over Rial 23 million (US$ 60 million) to transport and support the installation of the topside and pipe lay foundation from MCR-A to the onshore gas terminal. The vessels include three anchor handling tug supply vessels (AHTS), two barges for pipe lay support, one fast crew boat and one towing vessel. Since the Turkmen sector of the Caspian has historically been dominated by older tonnage the new vessels are set out to make a compelling impact in the local market.
Turkmenistan has proven gas reserves of approximately eight trillion cubic meters, placing it fourth in the world after Russia, Iran and Qatar. Revenue from Renaissance’s marine operations last year totaled Rial 83.5 million (US$ 217.1 million).
The Channel volume 0 issue 7
From the CEO Leadership Series
The Battle of Alamein This is a little story I sometimes use in presentations to illustrate the importance of choosing the right leaders and having the wisdom and courage to empower them: The battle of Alamein was a close-run thing. The battle was only won when, at the behest of Churchill, General Auchinleck, a brilliant strategist, had been replaced by a brilliant leader, Montgomery; and a disparate and unhappy collection of men from Britain, India, Australia, New Zealand and South Africa had been welded into a single, determined army by his leadership. It is possible to stifle autonomy, entrepreneurship and leadership in the field, if those of us at HQ instigate a climate of excessive, over-arching control in which the business leaders are constantly looking over their shoulders worrying about the fear of correction. In such an atmosphere, there is a danger that the daring, confident commanders we should be encouraging will become fearful and risk averse. Victory at Alamein was “the hinge of fate” that first swung World War II in favour of the Allies. At Renaissance, the corporate officers at HQ have to select ‘Montgomerys’ to command the line companies in the field – then we have to have the courage to give them the resources and the freedom to succeed. Stephen R. Thomas CEO Renaissance Services SAOG
SAFETY Topaz Marine MENA wins Lloyd’s List Award At the Lloyd’s List Middle East & Subcontinent 2009 Awards held in Dubai earlier this month, Topaz Marine MENA emerged as a finalist in three categories while Topaz Engeering unit Marine Repair was also nominated for an award. Under stiff competition, Topaz Marine MENA emerged as a winner of the ‘Safety at Sea’ award for maintaining highest standards in safety in its daily operations and for its concentrated efforts in training and investment in high-tech safety solutions. Ron Clark, GM of Topaz Marine MENA, accepted the award on behalf of the staff and HSE team of the marine unit and said, “The safety culture permeates Topaz’s whole organization and to be recognized for that is truly encouraging and inspires further progress in this pivotal area.” Lloyd's List is one of the world's oldest continuously-running journals that was founded 275 years ago, and is a leading resource and reference of information specific to the maritime industry. Topaz Marine MENA also picked up a prestigious Seatrade Award last month for the third year running.
The Channel volume 0 issue 7
NHI receives officials from Tourism and Manpower Ministries NHI received high profile officials from the Ministry of Tourism and Ministry of Manpower including Mohammed Al Toobi, undersecretary of Ministry of Tourism, Salim Naseer, DG of Employment at the Ministry of Manpower, Faisal Al Hosni, DG of Investments and Quality Control for Ministry of Tourism and Salem Al Mamari, DG of Tourism Promotion for the Ministry of Tourism. Stephen Thomas, CEO of Renaissance, Ali bin Hassan Sulaiman, Director on the Renaissance Board and Adil Bahwan, GM of TISCO were also present during the high level visit. Omanisation was a key theme of the meeting as Robert Mclean, Principal at NHI, briefed the officials on the institute aims, facilities and efforts to meet the increasing demand for skilled manpower. Since its inception, NHI has aimed to bring world-class education and training
in cuisine, travel, tourism and hospitality to contribute to the growing Omanisation rates in the hospitality, travel and tourism industries.
As many as 5,200 Omani citizens have successfully completed various hospitality courses from NHI; the sector projects to hire an additional 4,500 Omani employees by the end of 2011.
LOCAL CSR: Outward Bound Oman - Tahaddi Renaissance Services supported the first batch of 108 students from Omani public schools on an Outward Bound Oman-Tahaddi course where 18 students of Al Imam Al Muhana boys’ school recently spent three challenging days on Jebel Akdhar in an altitude of 7,000 feet and temperatures that dropped to 2.7 degrees Celsius. The course uses the outdoor environment to physically and mentally challenge the young participants and help them develop the life skills sought by employers, thus helping bridge the gap between educational environments and the workplace. The students carry all their own supplies including water and sleeping equipment, prepared their own food, and has to draw on their teamwork, initiative, communication and perseverance skills to solve a series of problems and challenges. On completion of the course, one student from the school, said: ‘On this course I discovered that there are things I did not know before about myself. I've learned that willpower and determination can overcome difficulties, and also the need to develop plans, organize and get opinions from others before I do any work. I am more confident about myself, more than before. Teaching outside the classroom is great; this experience I will not forget, and I will work to apply the skills gained during this course in my daily life.’ The next batch of students will be from the Musanah girls’ school that will join a course on the Wahiba desert sands.
The Channel volume 0 issue 7
CSG trains nationals for jobs Groups of young Omani nationals have begun training for job opportunities at NHI in response to the employment drive underway last month. The trainees are enrolled in Safety and Hazard Protection courses as well as basic job skills courses which are tailored according to their different job responsibilities.
If you are interested in learning more about the available positions please contact NHI: (+968) 99319250 or jobs@nhioman.com.
SAFETY HSE Statistics PAC Fahud recently commemorated 2 years with no LTI in an event that brought together staff and team leaders of clients and subcontractors. TAWOOS site managers were presented a shield and the staff gathered for photographs and a festive celebration. Congratulations to all for continuing Goal Zero: No harm to people or the environment.
LOCAL Topaz team wins cricket tournament A team from Topaz won first place in a Plate Event Cricket Tournament championship in Dubai recently. The Topaz team proved hard to beat with two of its individual players scooping up individual awards for Man of the Match and Best Bowler of the Tournament. Congratulations team Topaz.
Awareness Message
KITCHEN FIRE SAFETY
In case of a common kitchen fire in a frying pan, a wet dishcloth can be a one size fits all lid to cover that fire, and remember to never use water. Water, being heavier than oil, sinks to the bottom where it instantly becomes heated and can result in a high fireball that will set the kitchen ceiling on fire. Also, do not throw sugar or flour on a grease fire, which would result in an explosive force. .
The Channel volume 0 issue 7
GREEN PAC Qarn Alam implements pilot recycling program Renaissance PAC Qarn Alam has implemented a pilot program to recycle plastic water bottles, also known as PET (PoleyEthylene Therephthalate) bottles, which it aims to extend to other PACs once sustainable. In association with the Tanuf recycling initiative which picks up the bottles and delivers them to a PET recycling facility in Fujairah, the PAC residents and staff have been chucking their bottles into a large drop off bin on site, as well as catching awareness posters which list the many benefits of recycling. Typical CSG operations can produce a large amount of waste due to its size of scale, such as providing meals for over 2,000 people at a time, which is why the CSG management chain ensures best HSE practices for every operation including all types of waste disposal. Recycling plastic bottles is a welcome addition in its effort to contribute to a cleaner and greener world.
If you have an idea that you would like to share with us, please mail to hala@tawoos.com. It is through the great people within this company that our organization can respond to the significant issues of our times. We must all do our utmost to protect our planet and the life on it. Renaissance encourages you to start making a change today.
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UMS launches new site Reach, a UMS initiative, provides marketing solutions that help clients develop and enhance relationships between consumers and their brands in a “360-degree approach� for brand awareness and positioning. Reach launched its own official website recently www.reachoman.com and joins the list of UMS websites including www.nibblesoman.com and www.oeronline.com to name a few.
LOCAL Topaz office celebrates Diwali The Topaz team based in the Corporate Office, Dubai, got together for a celebratory lunch this past Diwali. The day started off with the lighting of diyas by Fazel Fazelbhoy, Topaz CEO, Pramod Balakrishnan, Topaz CFO and Roy Donaldson, Topaz Marine COO. To keep the spirits high, everyone was dressed in Indian attire and the best dressed male and female were awarded a prize.
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