Renaissance's Subsidiary Secures $42MM Vessel Contract with Total E&P-Qatar
Renaissance Services SAOG subsidiary Topaz Energy and Marine Limited, a Dubai based Offshore vessel owner and operator, announced that its Qatar subsidiary Doha Marine Services (DMS) had signed a new contract with Oil major Total E&P-Qatar, for two of its vessels -- Topaz Jumeirah and DMS 2000 -- with effect from February 16, 2009. With the signing of the contract, the current contract of Topaz Jumeirah and DMS 2000 gets renewed with TOTAL for a period of 2 years with extension options.
The two vessels signed under contract are Anchor Handling Tug Supply Vessels ( AHTSV's). DMS 2000 has been working with TOTAL-Qatar for the past 2 years while Topaz Jumeirah has been working for the last 6 months.
The contract value for both the vessels including options, is valued at over $42 million and is in direct continuation of their current ongoing contracts. The two vessels will support the drilling programs of TOTAL in the Al Khalij field in Offshore Qatar and will be operated by DMS from their offices in Doha. Earlier in April 2008, Renaissance had entered into the Qatar market with the acquisition of DMS for RO 49m.
"This award is an excellent example of how the Renaissance business model is resilient to boom and bust in the oil price cycle," said Renaissance CEO Stephen Thomas. "Our markets, our blue chip clients, our contracts and our assets are primarily focused in the development and production phase of the oil & gas industry. This is recognized as least sensitive to low oil prices; as this excellent contract award clearly demonstrates."
Renaissance Services SAOG is one of the largest owners and operators of Offshore Support Vessels in the Middle East and now owns and operates 96 vessels.
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Company: Total E & P Ltd more info
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