Renaissance Subsidiary Builds New AHTS Vessels

Nico Middle East Ltd (NMEL), a subsidiary of Renaissance Services SAOG and one of Dubai's leading Offshore Vessel owners and operators, has signed contracts to build two new AHTS vessels for its offshore fleet at a value of over US$23 million.

The two 5,150-bhp purpose-built Anchor Handling Tug Support vessels are currently under construction in Fuzhou, China and are scheduled for delivery in December 2007 and June, 2008.

The investment in the vessels are part of NMEL's long term strategy of fleet replenishment and upgrading and part of the divisions overall plans to double its fleet size within the next five years.

"The vessels demonstrate our commitment to the market and will enhance our capabilities to provide new tonnage to our clients in the region," said 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.

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