Renaissance Services announced that its wholly owned subsidiary, Topaz Energy and Marine, has closed a long term financing deal of US$ 42 million (Rial 16.2 million) from Standard Chartered Bank, Dubai.

The funds will be used towards the post delivery financing of Offshore Support Vessels (OSV) and also will be used to fund future capex program in the company's offshore fleet expansion program.

In light of the financial environment the new long term funding facilities illustrate the company's robust operations, assets and balance sheet, and reinforce the willingness of international and regional banks to partner with Renaissance.

The long term facilities also match the company's policy to fund its long term asset development with a matching long term loan profile. This cautious strategy provides reassurance during the current global economic downturn and has allowed Renaissance to acquire new investments from a safe and secure standpoint.

Topaz Marine's continued investments program in its fleet expansion and modernization program has seen its OSV fleet cross the 100 vessel mark this year. The company employs a prudent vessel acquisition strategy that restricts any speculative buying other than in technological or geographical niches.

During the year 2009, the company has invested over US$ 150 million (RO 57.8 million) mainly in assets in its growth areas in offshore vessels fleet and building of workforce accommodation facilities in the Oman's interior oilfields.