Renaissance's Subsidiary Scores $225MM Contract for 3 Support Vessels

Renaissance Services' subsidiary, Topaz Energy and Marine Limited, has announced that its Azeri offshore support vessel company, BUE Marine Limited, has been awarded a ten-year contract for three support vessels from BP Azerbaijan. The contract value is estimated to be in the region of US $225 million.The contract award was made following an international tender for three vessels by BP in Azerbaijan.

The three vessel package comprises one Dynamically Positioned Platform Supply Vessel (PSV), one Dynamically Positioned Anchor Handling Tug Supply Vessel with 150 tonnes bollard pull (AHTS) and one Emergency Recovery and Response Vessel (ERRV). The AHTS and ERRV will be built specifically for the contracts with the PSV being an existing vessel acquired to service the Company's requirements. All vessels comply with the most recent international regulations and meet the highest environmental standards. The Emergency Response Vessel is capable of providing multi installation safety cover and is the first vessel in the region to be equipped with three daughter craft.

The Platform Supply Vessel will be the first of the three vessels to enter service in the Caspian Sea in early 2009 with the remaining two vessels arriving in mid 2010.

The award of this contract, against strong international competition, and following on from the award of the long term three vessel contract award by BP to BUE Marine in 2007, re-enforces Topaz's position as the leading provider of marine support services in the Caspian Sea region. Since it's acquisition of BUE Marine three years ago, Topaz has significantly grown its marine operations, as an integral part of Renaissance's growth-driven investment strategy behind its marine and engineering businesses. The Company has a strong service culture and is committed to operating to the highest safety standards.

Commenting on the contract award, Fazel Fazelbhoy, Chief Executive of Topaz Energy and Marine, stated,"This award is effectively a 'Vote of Confidence' in our capabilities and commitment to the highest standards of HSSEQ. It is a privilege to be in a position to effectively partner with BP in the Oil and Gas market in the challenging Caspian Sea environment."