Renaissance Services and its subsidiary Topaz Energy & Marine have recently signed term loan facilities of US$ 18.8 million (RO 7.2 million) with Noor Islamic Bank, Bank of Baroda and Bank of India.

These funds will be used towards the post delivery financing of two new offshore support vessels that have joined the company’s offshore support vessels fleet operating in Qatar.

Noor Islamic Bank has funded a US$ 9.5 million (RO 3.65 million) five year loan facility, while Bank of Baroda and Bank of India have jointly funded a US$ 9.3 million (RO 3.58 million) facility for a period of seven years. Both facilities are at competitive pricing for the current economic climate.

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.

During the last six months Renaissance has invested over US$ 100 million (RO 38.5 million) mainly in assets in its growth areas in offshore vessels fleet and building of workforce accommodation facilities in the Oman’s interior oilfields.

These continuing investments for future growth are evidence of the company’s strong cash flow and full support from more than 25 banking partners that include leading local, regional and international banks. The company’s funding portfolio is further strengthened with the addition of Noor Islamic, Bank of Baroda and Bank of India.

Renaissance signs new term loan facility