Offshore staff

AL KHOBAR, Saudi Arabia -- Renaissance Services has signed a memorandum of understanding (MoU) between its subsidiary, Topaz Energy and Marine Ltd and Gentas Ltd., a joint venture of the Al Shoaibi Group and the Saudi Trading & Research Co., both in Al Khobar, Saudi Arabia.

The company says that the MoU lays the groundwork for the formation of a Saudi-based marine vessel company. The company would own and operate vessels to meet the growing demand for Saudi Arabia's offshore activities.

"The combination of our two companies' skills, experience, and resources will provide the platform for developing a new Saudi-based offshore vessel operating company," says Khalid Al Shoaibi, chairman and CEO of Gentas.

10/1/2007