Renaissance clinches support vessel funds

Renaissance Services has signed a term loan facility with BankMuscat for $50 million to drive its investment plans, primarily in development of its offshore support vessel (OSV) fleet.

Offshore staff

MUTTRAH, Oman -- Renaissance Services has signed a term loan facility with BankMuscat for $50 million to drive its investment plans, primarily in development of its offshore support vessel (OSV) fleet.

The facility is the final tranche of a $100-million term loan funding announced by Renaissance last month.

The company plans to invest $ 1.36 billion over the next three years in assets to support its growth areas. Over the past nine months it has spent over $150 million, mainly on its OSV services and on building of accommodation facilities in the sultanate’s interior.

09/21/2010

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