Renaissance Subsidiary Wins US $20 Million Contract

Nico Middle East Ltd., a subsidiary of Renaissance Services SAOG, a Dubai based Offshore Vessel owners, has signed a charter-party agreement with International sub sea services contractor Mermaid Offshore Services of Thailand for its maintenance support vessel Team Siam. The Team Siam is a DP2 Maintenance and Dive Support Work Barge capable of carrying over 100 personnel.

The two year contract is valued at over US $20 million and is an extension of an earlier charter party contract with the client. The vessel will be operating in S.E. Asia. "The extension of our existing contract with Mermaid Offshore Services demonstrates our strong working relationship with our client and our vessels capability to meet contractual requirements in a competitive market" said Mr. Ron Clark, General Manager for Nico Middle East. Ltd.

Renaissance is a diverse service group listed on the Muscat Security Market in the Sultanate of Oman with a primary focus on oil and gas services. The combined Topaz-BUE fleet, owned by Renaissance, ranks amongst the largest offshore fleets in the Middle East region with operations in the Caspian, Middle East and Southeast Asian markets. Renaissance also has engineering businesses in oil & gas fabrication and afloat ship repair; is a leading turnkey contract services provider; and has successful technology, media and training businesses.