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Renaissance Services SAOG (Renaissance) has acquired
100% shareholding of Norsk Offshore Catering AS (NOC)
from Maersk Contractors Norge AS (MCN).
Renaissance Chairman Samir Fancy stated on behalf of
the Board of Directors “We are delighted with the
strategic implications of this initiative: The
company’s Contract Services Group has expanded its
capabilities to include offshore catering; the
acquisition strengthens Renaissance’s core focus in
the oil & gas sector; underlines our international
ambitions; and, most importantly, provides a platform
for synergy between the group’s services businesses
and marine & energy businesses in key markets
including the Gulf and the Caspian”.
In related moves Renaissance has announced the
appointment of Ingvar Varhaug as General Manager of
NOC based in Norway, and Keith Laddiman as Business
Development Manager for the offshore oil & gas sector
internationally, based in UK.
While the deal has been being developed for some time,
a high level delegation from Renaissance had visited
Norway this week for meetings with NOC employees and
union representatives, and NOC clients before
concluding and signing the deal with MCN.
Since MCN decided to divest NOC as a non-core activity
there has been considerable interest and competition
for the acquisition amongst major international
contract caterers. Renaissance’s Commercial General
Manager for Contract Services, Ananda Fernando,
explained “Maersk has taken great care to select a
buyer which understands and satisfies the highest
safety, quality and customer service standards
expected in the offshore oil & gas industry in the
North Se”. He added, “The commercial details of the
deal are subject to a confidentiality requirement.
However, the scale of the acquisition can be
understood by considering the current annual revenue
of NOC at over US$13 million (R.O. 5 million)”.
Renaissance Services SAOG is one of the largest public
listed services companies in the region. A large
proportion of Renaissance business is engaged in
providing quality services to the oil & gas sector,
where it is a leading turnkey contract services
provider; and has one of the top 10 marine support
fleets in the world with a significant presence in the
Gulf, the Caspian region and S.E. Asia. Renaissance is
recognized as an Omani company with substantial
international credentials, successfully exporting its
services abroad. The company’s 2005 Annual Report
states that 75% of the annual revenue of R.O. 106.4
million (US$276.6 million) was generated outside Oman
and 60% of revenue is generated in services to the oil
& gas industry.
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