Renaissance Services has signed term loan facilities of Rial 5.75 million (US$ 15 million) with Bank Sohar and Rial 3.28 (US$ 8.5 million) with Bank Muscat.

The term loan facility from Bank Sohar will be used to fund growth plans in the company’s Offshore Support Vessels (OSV) fleet and the term loan facility from Bank Muscat will be used in the expansion of the company’s existing Permanent Accommodation for Contractors (PAC) facilities.

In light of the current financial environment the line of credit illustrates the company’s robust operations, assets and balance sheet, and reinforces the willingness of Omani banks to partner with Renaissance.

The company’s policy has historically matched loans against its long term asset development which illustrates its cautious attitude on lending and reassurance.

The continued support from Omani banks has helped the company to maintain the investments program in its growth areas. Bank Sohar is quickly emerging as a leading Omani bank and Bank Muscat is already holding a leadership position in Oman.

During the last nine months Renaissance has invested over Rial 57 million (US$ 148 million) in assets corresponding to its growth areas in offshore services and building of facilities in the interior.

Dignitaries from Renaissance Services and Bank Sohar