Renaissance Wins $210M Contract from BP Azerbaijan

BP Azerbaijan has awarded BUE Caspian, a wholly owned subsidiary of Renaissance Services SAOG, contracts for the provision of three offshore support vessels.

Under the terms of the agreement BUE Caspian will supply two Norwegian built Ulstein UT755L platform supply vessels and one fast crew boat presently under construction by Damen in Holland. The first UT755L, named "Caspian Pride," was acquired by the company earlier this year and will enter service in October 2007, with both other new-build vessels arriving in Baku, Azerbaijan during 2008.

The contracts are for firm periods ranging from three to seven years, with extension options for a further three years. The potential contract value is estimated to be in excess of $210 million, assuming that all of the contract options are exercised. The investment in the new vessels is around $65 million.

BUE Caspian operates a fleet under an alliance agreement with KMNF, a subsidiary of the Azerbaijan state oil company, Socar. The combined Topaz-BUE fleet owned by Renaissance, ranks among the top ten largest offshore support vessel fleets in the world with operations in the Middle East, Caspian and southeast Asian markets.

Renaissance Services SAOG is an international services company listed on the Muscat Security Market, with a primary focus on providing safe, quality, efficient services to the oil and gas industry.

These further contract awards from BP to BUE Caspian underline these credentials.

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