Renaissance ties up loans for OSVs

Renaissance Services and its subsidiary Topaz Energy & Marine have secured funding for post-delivery financing of two new offshore support vessels.

Offshore staff

MUTTRAH, Oman -- Renaissance Services and its subsidiary Topaz Energy & Marine have secured funding for post-delivery financing of two new offshore support vessels.

The two parties have signed five and seven-year loan facilities totalling $18.8 million with Noor Islamic Bank, Bank of Baroda, and Bank of India for the vessels, which will join the Topaz support fleet operating in Qatar.

Renaissance says its policy is to match its long-term asset development with a corresponding long-term loan profile, allowing it to acquire new investments safely during the current economic downturn.

Over the past six months the company has invested over $100 million, mainly in its offshore vessels fleet and in accommodation for its workforce deployed in Oman’s onshore oilfields.

08/04/2009

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