Omani banks support Renaissance offshore plans

Renaissance Services has signed term loan facilities valued at $15 million with Bank Sohar and $8.5 million with Bank Muscat.

Offshore staff

MUTTRAH, Oman -- Renaissance Services has signed term loan facilities valued at $15 million with Bank Sohar and $8.5 million with Bank Muscat.

The facility from Bank Sohar will be directed to fund the company’s growth plans for its offshore support vessels fleet, while the facility from Bank Muscat will be used to expand the company’s existing Permanent Accommodation for Contractors (PAC) facilities.

During the last nine months Renaissance has invested over S$148 million in assets related to its growth areas in offshore services and other projects. 

11/19/2009

More in Company News