Economic growth has long been considered a lever for national development. We strive to align our operations to furthering the national development agenda in each of the locations where we operate and setting high standards for quality. In doing so, we hope to transmit our corporate values of efficiency and productivity, transparency, growth and profit. We commit to expanding our business and enter new activity wherever the undertaking appears wise and the investment sound in relation to the financial condition of the company. This section focuses on our strategy for growth to deliver value to our stakeholders.
Our growth comes from our core strengths of market-leading efficiency and expertise, so we can generate sustained revenue and create new jobs locally, while delivering on our commitment of avoiding harm to people and to the environment.
Topaz has shown remarkably stable performance despite the steep decline in oil prices. Moody's recent decision to confirm the Topaz credit rating while downgrading much of the rest of the sector is a mark of the market confidence and it reflects the stability of our performance, our dominance in the Caspian market and the sustainability of our business model overall. In particular, our focus on developing strong relationships and long-term contracts means we have a sizeable backlog of work – in this past year we have almost doubled this backlog from USD 750 million to USD 1.4 billion
Renaissance has also focused on lasting gains, having built a backlog of USD 200 million in cyclical contracts as well as a USD 80 million turnover from long-term contracts at its Renaissance Villages (Permanent Accommodation for Contractors/PACs).
We have had the opportunity to build strong relationships with our clients on the basis of our long-term contracts. This year, we have supported our oil and gas clients in particular in managing their costs in a challenging economic climate.
Management have worked closely with our Quality, Health, Safety, Security and Environment teams to make absolutely certain that the cost savings we are delivering to our clients do not compromise the safety and quality of our work, and that we still deliver on our commitments to the environment. Management presented this cost reduction strategy to the Board to assure them that our core obligations of safety and quality will continue to be met, even as costs are reduced in some areas.
We continue to monitor client satisfaction through quarterly surveys at our Renaissance Villages accommodation solutions and are pleased to report an increase in positive results this year.
During our sustainability feedback session with Renaissance clients, the variety and quality of food served at certain sites was raised. We strive to providing healthy and diverse menus that satisfy our clients' tastes, so we plan to investigate our client feedback further to understand how our menus are perceived across all our sites.
Our high ethical standards ensure our integrity as an operator, particularly as we operate in developing markets, where transparency and inconsistent regulatory frameworks can be an issue.
All Renaissance employees are bound by our Corporate Code of Conduct, with each subsidiary implementing additional requirements to maintain ethical standards. We strive to ensure transparency across our value chain. In addition to communicating our anti-corruption policies and procedures to all Renaissance employees, we expect our suppliers to abide by our strict supplier code of conduct. All transactions at Renaissance are subject to periodic review by independent internal and external auditors reporting directly to the Renaissance Board.
As part of its mission to be one of the best-run businesses in our industry, Topaz has adopted a Code of Business Conduct that sets the standards and clarifies the procedures and rules for running our day-to-day operations. It also provides practical guidance for dealing professionally with our business partners, customers, employees and the societies in which we operate. At Topaz our Code Of Business Conduct, anti-fraud policies and training throughout the organization, from senior management to staff provide the guidance for ethical behavior at work. This is strengthened by commitment from Board and the management and oversight from our independent Risk and compliance function, Ethics Committee. Our ethics hotline gives them the opportunity to report incidents anonymously, encouraging open and honest communication to prevent corruption.