Renaissance Services SAOG, an Omani multinational oil and gas services company, is conducting its Annual General Meeting tomorrow (Sunday, March 29) at 3:00PM at the Capital Market Authority Meeting Hall. In keeping with its tradition of open and transparent communications with the investment community Renaissance has organized an open question and answer session with investors and analysts immediately after the conclusion of the AGM.

Renaissance has delivered a strong performance in its recently published financial results which shows a profit of RO 26.197 million, a growth of 51% and the earnings per share improved to 103 baizas against 71 baizas in 2007 in an increase of 45%. Return on shareholder funds increase to 21.2% in 2008 compared to 17.2% in 2007. Renaissance has proposed a 25% dividend (10% cash dividend, 15% stock dividend) for the approval of the shareholders and if approved it would mean it has sustained for three consecutive years a 25% dividend distribution.

The AGM will also move to endorse 1% of 2008 earnings for its Corporate Social Responsibility programme, consistent with the previous year and maintaining Renaissance’s philosophy to serve the communities where the company operates.

Through the Analyst meeting, Renaissance is expected to explain the key business drivers in its multifaceted business, the challenges it faces in the unfolding global market scenario, the mitigating factors to the business risks and its plan for growth and expansions of its marine, engineering and contracting businesses. Chairman Samir Fancy’s statement issued in the company’s 2008 Annual Report states, “The nature of the investments already made, the financial support already in place, the long-term tenure of secure contracts with blue chip clients and the continued vibrancy of the specific markets in which we serve, means that the Renaissance growth path is already secure and in place through 2009-2011.”

Renaissance Services SAOG is an international services company listed on the Muscat Securities Market in the Sultanate of Oman, with a primary focus on providing safe, quality, efficient services to the oil and gas industry. Renaissance owns and operates a combined offshore support vessel fleet comprising of 96 vessels, has engineering businesses in oil and gas fabrication and afloat ship repair, and is a leading turnkey contract services provider, providing facilities management, facilities establishment, contract catering, operations and maintenance services. Renaissance employs over 10,000 people and operates in over 16 countries.