Renaissance Services has been pegged as “an oil field services provider shielded from the downturn” by the Financial Times in a series of reports on successful businesses that are proving to be resilient to the recession.

The London-based newspaper focused on Renaissance in its Thursday print edition describing the company’s lucrative contracts in the Caspian and offshore prospects in the region in the nearly full-page story.

Despite the hard hit to energy and shipping sectors in the global market, the report attested “the nature of Renaissance’s business will largely shield it from the economic downturn and volatile energy prices.”

Renaissance CEO Mr. Stephen Thomas who was featured in the article was quoted saying, “The markets we work in have more than 50 per cent of the world’s hydrocarbon reserves and even when global energy demand is weak, there are still key projects going ahead in this region.”

According to the report, regional analysts expect that the strength of the company’s marine business, clientele of industry majors and the locations which the group operates will contribute to a strong profit for Renaissance this year.

Last week Renaissance announced its unaudited first quarter results and revenue of RO 58 million (US$ 151 million), a 16.2% year-on-year increase. The article also conveyed that the company plans to invest over $200 million this year, having invested over US$ 73 million in the first quarter already.