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Corporate News

28 Feb 2007

 
Renaissance Oil & Gas subsidiary awarded US$15 million contracts

 

Adyard Abu Dhabi LLC (Adyard), a subsidiary of Renaissance Services SAOG has announced two contract awards valued at over USD 15 million.

Adyard was awarded a major Oil and Gas Fabrication contract by CTJV, a joint venture between Technip and Chiyoda. The contract involves fabrication, procurement, construction, load out and hook-up of a Loading Module for the Qatar Gas II LNG Onshore Facilities Project. Under the contract, Adyard will undertake construction engineering, procurement, fabrication and erection of the approximately 1,000-ton module at its purpose built yard located in Abu Dhabi. Scheduled to commence in the first quarter of 2007, the contract is expected to take approximately 11 months to complete.


 
Jim Masterton
GM, Adyard Abu Dhabi LLC

Adyard announced a second contract award for construction engineering, fabrication and load out of a Sulphate Removal Package (SRP) for Violia Water. The contract award comes on the successful completion of a similar contract last year, which was delivered on time. Adyard and Violiawater are also very proud of the excellent safety statistics for the project. The structural fabrication work will commence in the first quarter for 2007 with the expected delivery date in the fourth quarter of 2007.

Announcing the awards Jim Masterton, General Manager for Adyard Abu Dhabi LLC said “Adyard’s involvement in the CT JV project demonstrates the Company’s strengths and capabilities as one of the region premier fabrication yards”

Speaking on the SRP contract Jim Masterton added that “We are pleased to be awarded our second contract with Violia Water. This contract demonstrates our capabilities in a very competitive market where client expectations to deliver on time and within budget is critical”

Renaissance Services SAOG is one of the largest services companies listed on the Muscat Securities Market. The largest proportion of Renaissance business is engaged in providing quality services to the oil & gas industry, where it is a leading turnkey contract services provider; and has one of the top 10 support vessel fleets in the world with a significant presence in the Gulf, the Caspian region and S.E. Asia. Renaissance is recognized as an Omani public company with substantial international credentials, successfully exporting its services abroad. Renaissance 2006 revenue is estimated to be in the region of RO 135 million (US$350 million) up from RO 106.4 million (US$276 million) the previous year.
 

 

 

 

 

 

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