July-August 2009 A Renaissance Services SAOG Group Newsletter vol.0 issue 4

CEO message05

In brief01

August – ‘Renaissance’racing catamaran came inthird overall at the 4th legrace in Cowes, UK.Organisers estimated thatthere were at least 1,000spectators watching fromthe shore line daily. BothOman Sail teams, theRenaissance and Masirahdid well at the races. Formore info visitwww.omansail.com

August – Holy month ofRamadan begins.

please visit www.renaissance-oman.com

Topaz launches renovated website... PAC Nimr celebrates SafetyMilestone... new business school launched... construction progress inBahja... Seatbelts do save lives... new contract for Topaz...all inside!

00Renaissance publishes half-year results,

shows growth

Renaissance continues to demonstrate attributesof stability, resilience and growth against a backdropof ongoing global financial and economicturbulence, and the effects are clear to see in thefinancial half-year results.

The company announced its unaudited half yearresults last week, reporting a revenue of RO 116.6million (US$ 302.9 million), a 7.6% increase against2008 revenue of RO 108.4 million (US$ 281.5million). In comparison with the same period lastyear the company’s profit from operations hasincreased by 10.1% to RO 17.4 million (US$ 45.2million) in 2009 against RO 15.8 million (US$ 41.1million) in 2008, and operating margins haveimproved from 14.6% in the previous period to14.9% in the current period.

No economy, no market and no industry can beimmune to the impact of the global economicslowdown. However, the primary markets in whichwe serve and the Renaissance business modelcontinue to prove resilient in mitigating the impact.

02 Inside

03 From the Chairman’s statement

… Our people in all our businesses have shown great ingenuity in driving efficiency and prudent control for thebenefit of our customers and our own company performance. The continued positive progress of our company in such difficult times for the world economy is asource of great reassurance for all our stakeholders in theshort-term and a reason for enduring confidence and optimism for the long-term future.”

Samir J. Fancy, Chairman of Renaissance Services SAOG

04Renaissance Values

Efficiency &

Productivity

We commit to continually improveour systems, ourmethods and our facilities so that ourcosts will be as lowor lower and ourquality as good orbetter than our competitors.

Crisis = Danger + Opportunity

I have never seen a crisis in any of our businesses atRenaissance that we didn’t come out of wiser andstronger. As leaders it is essential that we do notbuckle in a crisis, but meet it head-on with confidencein the ability of our team to resolve it. Consider thispassage from Ian Gardiner ’s ‘In the Service of theSultan’:

internalnewsletter

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► Both men had that essentialquality for all leaders of men underpressure. They gave peopleconfidence. They gave them hopetoo, even if they themselves didn’talways feel much hope.► This lies at the very heart ofleadership. If people cannot feeleven though things are bad andmay get worse, that if they followthis particular person, then there isa real prospect of ultimate success– then that person has failed as aleader.► There are many different stylesof leadership for many differentcircumstances, but ultimately theboss is the banker of hope and hecan never allow himself to appearbankrupt. If he doesn’t display and

impart hope, then he is hopeless –a no hoper!

Interestingly, the Chinesecharacter for ‘Crisis’ is composedof two sub-characters: one thatspells ‘Danger’ and another thatspells ‘Opportunity’.

In recognizing this simple reality, inany crisis you will be alive todanger and will take measures toavert it. But you will also be aliveto opportunity, so no matter howdeep the crisis you will never bebereft of hope.

Stephen R. ThomasCEORenaissance Services SAOG

Renaissance Services has helped sponsor aNursing Students’ Internship TrainingProgramme abroad.

Graduating students from the Sultan QaboosUniversity (SQU) College of Nursing arecarrying out two months of the college’srequisite Internship Training Programme at topuniversity hospitals in Canada and Jordan.

A total of 48 graduates, of which 34 aresponsored by Renaissance, will be exposed tothe developments in clinical nursing care inforeign working environments and will bringhome insights from the different work cultures.

The SQU College of Nursing began sendingstudents abroad for internships from the firstgraduating batch in 2006. Last year, tengraduates sponsored by Renaissance weresent to McMasters University & HendersonHospital and St. Josephs Hospital in Canada.Students this year will be interning at the samehospitals as well as at Jordan UniversityHospital in Amman.

06Social Responsibility

07New bank funding

09Renaissance awarded ISO 9001-2008

Renaissance and Topaz Energy& Marine recently signed term loanfacilities of US$ 18.8 million (RO7.2 million) with Noor Islamic Bank,Bank of Baroda and Bank of India.The funds go towards the postdelivery financing of two new off-shore support vessels that havejoined Topaz Marine’s offshoresupport vessels fleet operating inQatar.

Noor Islamic Bank has funded aUS$ 9.5 million (RO 3.65 million)five year loan facility, while Bank ofBaroda and Bank of India havejointly funded a US$ 9.3 million(RO 3.58 million) facility for aperiod of seven years.

In light of the current financialenvironment the new long termfunding facilities illustrate the

company’s robust operations,assets and balance sheet, andreinforce the willingness of inter-national and regional banks topartner with Renaissance.

The long term facilities alsomatch the company’s policy to fundits long term asset developmentwith a matching long term loanprofile. This cautious strategyprovides reassurance during thecurrent global economic downturnand has allowed Renaissance toacquire new investments from asafe and secure standpoint.

During the last six monthsRenaissance has invested overUS$ 100 million (RO 38.5 million)mainly in assets in its growth areasin offshore vessels fleet andbuilding of workforce accommoda-

tion facilities in the Oman’s interior oilfields. These continuing investments for future growth are

evidence of the company’s strong cash flow and full supportfrom more than 25 banking partners that include leadinglocal, regional and international banks. The company’s fund-ing portfolio is further strengthened with the addition of thesenew bank partners.

08Topaz Engineering wins new contract

Topaz subsidiary Nico International Hydrospace signed a 1year contract with Vopak Horizon Fujairah Ltd. for underwaterservices and pre-berthing inspection and back to back berthingof vessels at Vopak in July. Topaz will provide a team ofqualified and experienced divers who carry out a detailedinspection of the floating and submarine hose string and allmooring accessories and will also provide other services untilthe berthing is completed.

Topaz CEO Fazel Fazelbhoy and Renaissance Financial Controller VishalGoenka with bank representatives

Fujairah, situated on the Gulf of Oman near the mouth of theGulf, has been the base for Topaz’s underwater services in theMiddle East since 1981. Topaz’s fully equipped team of diverscan join vessels and installations at short notice anywhere inthe Gulf of Oman or in the Arabian Gulf to carry out all types ofunderwater work.

In support of its diving operations, Topaz has purpose-built ahigh speed catamaran aluminium workboat called ‘Nemo’, adiving support vessel utilized to carry out daily routine divingoperations. The diving team in Fujairah consists of 25experienced and qualified personnel who are trained accordingto the International Marine Contractors Association standards.This year the team has recovered 14 lost anchors and chains,some of them weighing 140 tons, from the depth of between 94to 135 Meters with successful delivery back to the owners.

The company has successfully been certified to the ISO9001-2008 Standard. ISO 9001-2000 has now been super-seded by the latest ISO 9001-2008 certification and is valid forthree years.

ISO 9001 is a quality man-agement standard that appliesto all types of organizationsand helps the organization toachieve a standard of qualitythat is recognized and re-spected throughout the world.

Renaissance is committedto Quality and this latest certi-fication in international man-agement standards adoptsstandards of quality that areworldwide. The certificationensures that our Quality Man-agement Systems are identi-

fied, systemized, documented, implemented, maintained andimproved. The company’s Quality policy is among the 12 Ren-aissance Values and includes a doctrine commonly heard fromoffice to board room discussions: Never satisfied, always in-novative.

10HSE milestone - 9 years no LTI

Congratulations to all the team at Renaissance PAC Nimr foran outstanding achievement of 9 years with no Loss Time Inci-dent (LTI). We are extremely proud of this great milestone forPAC Nimr. At Renaissance our top priority in the conduct of ourbusiness is Goal Zero – no harm to people or the environment.This PAC’s record is a true inspiration to us all in pursuing GoalZero. We wish you all success in applying even greater focus tosafety and all the objectives of our HSE policy. Keep on strivingto exceed customer expectations safely and efficiently.

Topaz launches new website13

11 PAC Progress - Marmul

The Contract Services Group has been committed to itsmission in completing its PAC projects in Bahja and Marmul withall three components of safety, time and cost intact. In the lastissue of The Channel we reported the progress made to PAC

Marmul. In this issue we’re pleased to showcase the constructionprogress made at PAC Bahja, with both PAC projects looking ready tobe completed on schedule.

12Gulf School of Business launched

The Education and Training business line of Renaissancehas ventured into the establishment of a new managementschool in the Sultanate of Oman, named the Gulf BusinessSchool (GBS), with its first programme starting in October 2009.

The launch was announced to local press in August withdetails of its tailor made business programmes that will offerapplicants the opportunity to apply their academic knowledgein practical situations. The first programme is titled,“Programme in Practicing Management’, and is a part-timecourse spanning just 10 weeks. Longer term programmes whichwill be offered over five years include post-graduateprogrammes in practicing management.

GSB’s faculty has diverse experience with worldwideteaching exposure and sourced from distinguished universitiesin the UK, Europe and India.

14NHI hosts Scouts Chef’s Badge

National Hospitality Institute (NHI) hosted a local ScoutTroop recently at its Gulf Chef School providing face to facetraining on food safety and helping the troop to achieve theirChef’s Badge.

NHI invited executive chefs from Muscat’s top hotels to im-part their knowledge on how and where to shop for food andhow to transport it; and proper storage and cooking withknowledge of hygiene in the kitchen and food poisoning pre-vention.

To receive their badges, the little chefs created, cooked andserved a three-course meal at NHI including two cookeddishes, a cake or pastry dish and two sauces.

“It is a truly enjoyable experience for these young aspiringchefs and NHI will continue to support the development of culi-nary skills amongst the youth in Oman”, said Rob MacLean,NHI Principal.

Feedback15

Let’s Hear from You!

Please send your ideas, comments, suggestions, stories, pictures andthe like to Corporate Communication Manager, Hala Srouji, via email:hala@tawoos.com or phone: 24796636 (ext.303) Thank You!

Topaz has renovated its website with a remodeled look andadded pages of pertinent information. The website sectionscapture the rebranding structure and appearance, as well assegments on QHSE, Topaz People and key financial figuresfor Investors. Please visit www.topazworld.com

Seatbelts do save lives16

Vision… Creates Opportunities19

Renaissance published a bilingual advert inJuly honoring His Majesty Sultan Qaboos binSaid for his visionary leadership and salutingthe Sultanate and its people on the 39th Ren-aissance Day.

The ad appeared in the 15th edition ofProgress, a United Press & Publishing publica-tion and widely acclaimed Renaissance Daybook, as well as in the July issue of Alam Alikti-saad Wala’mal. You may also view the ad bothfront and back from the company webpage:www.renaissance-oman.com

A TISCO delivery truck had a dangerous brush with whatwas potentially a severe accident, when a tire blowout causedthe truck to roll over 90º and into a hazardous area.

The delivery truck was travelling from PAC Fahud to PACQarn Alam when the front tire burst and the driver struggled tocontrol the truck, causing the truck to go off the road and intoa rocky surface.

By wearing their seat belt correctly the Driver and Helperwere able to walk away from the vehicle with no injuries! Staffmembers of TISCO were shown the photos the next day withthe message that seat belts saved our people from harm.

17Awareness

Many of us drive on a dailybasis and hardly pay any atten-tion to one of the vehicle’s mostvital parts- the tires. Studiesshow that most of us don’tchange our habits and checktires until disaster strikes us orsomeone we care about.

Get to know what some of thenumbers in your tire stand for.Tires expire 4 years AFTER thedate of manufacture- the weekand year of manufacture arestamped in the side of all tires.

Another importantpoint is tire pressure:near the rim you willfind a maximumpressure numbermarking near the let-ters PSI, usually ei-ther 32 PSI, 44 PSIor even 50 PSI. Youcan have your tires afew pounds belowpressure- but not toomuch.

Other actions that affect your tires are:Too much load in your vehicleHigh speed, especially on hot roads, damage tiresImproper breaking on wet roadsHaving wrong tire size or specifications for your vehicle

Make sure you always ask a credible source to check yourtires. Drive safely, and live safely.

20Awareness

18Publications

Symptoms of Swine Flue:► Fast or troubled breathing► Bluish skin color► Refusal to drink fluids

► Difficulty waking up or interacting► Irritability► Flu-like symptoms improve butthen return with fever and severecough

► Fever with a rash, especially onethat does not subside

Please maintain precaution andreport to a doctor if you sense anyof these symptoms:

Renaissance haspublished its half yearresults in Oman’s DailyObserver and DailyArabic newspapers. TheEnglish and Arabic fullversion advertisementscan be viewed anddownloaded on thecompany website: www.renaissance-oman.com