Renaissance MCB

completed

Renaissance Services SAOG is an Omani multinational services company listed on the Muscat Securities Market in the Sultanate of Oman. Renaissance provides services to oil and gas operators through two core business groups: Topaz and the Contract Services Group. All totaled the Company employs over 14,000 people and operates in 16 countries mainly in the Caspian, Middle East, and North and West Africa regions.Topaz Marine is the one of the leading companies in marine services in offshore oil and gas industry. Headquartered in Dubai, Topaz currently operates over 100 Offshore Support Vessels (OSV) in the Middle East, Europe, West Africa and Southeast Asia to support major offshore projects. Topaz OSV fleet encompasses, inter alia, anchor-handling tug supply vessels (AHTS), platform supply vessels (PSV), emergency rescue and recovery vessels (ERRV), specialized tugboats, barges and ice-breakers. Topaz Marine business accounted for 38% of the Company’s revenue. Topaz Engineering provides engineering, fabrication and construction; maintenance services to oil and gas operators and companies engaged in oils and gas industry; ship building and marine repair services. Topaz’s engineering group of companies includes Adyard Abu Dhabi and Nico International. Adyard operates from Abu Dhabi, while Nico International runs operations in Dubai, Fujairah, Salalah. Topaz Engineering operations are predominately based in the Middle East; this business accounts on 23% of the Company’s revenue.Contract Services Group (“CSG”) provides services in operation and maintenance of permanent accommodation facilities. CSG has built and operates Dining Facility (DFAC) for militaries, universities, hospitals, and other industries; and Permanent Accommodation for Contractors (PAC). Catering services are rendered also on a standalone basis. Some of the CSG’s clients are Petroleum Development Oman (PDO), Maersk Contractors Norge AS, Oman LNG, Schlumberger, Bechtel, Kellogg Brown & Root (KBR), Diwan of Royal Courts (Oman), Ministry of Defence (Oman), Ministry of Education (Oman), Ministry of Health (Oman), Salalah Port Services, Sultan Qaboos University, Sultan Qaboos University Hospital. This business accounts for 35% of the Company’s revenue.IFC proposes to invest up to US$30 million in Mandatory Convertible Bonds offered by Renaissance to invest primarily in Topaz Marine.