Renaissance Services, an Omani oil services provider, last year embarked on an expansion to increase its fleet size by almost 50 per cent.
It seems now that the timing could not have been better. With oil prices above US$90 a barrel, the company is positioned to profit from increased demand for its vessels. Renaissance shares are up more than 50 per cent in the past six months on the Muscat Securities Market.
Kanaga Sundar, an analyst at Gulf Baader Capital Markets in Muscat, has an "accumulate" rating on the stock and says it is trading at a lower valuation than its global peers.
"The rating is on the back of expectations of stronger earnings growth in its key business divisions and the upcoming robust capital expenditure programme," Mr Sundar said.
The company is forecast to report a full-year net profitof 27.2 million Omani rials for last year, an increase of 8.7 per cent on 2009, Mr Sundar said. As part of its expansion, Renaissance plans to spend 1 billion rials over the next three years to increase its fleet size to 150 vessels, from 103 at the end of 2009.
Its fleetuses dry-docking facilities in Salalah, Abu Dhabi, Fujairah, Kazakhstan and Azerbaijan.
The vessels are deployed to support the development phase of oil projects as well as the production phase. Renaissance also owns a fabrication operation with facilities in Abu Dhabi and Fujairah.
Renaissance's offshore fleet is among the youngest in the world, with an average age of 7.6 years. The global industry average was more than 14 years at the end of 2009. In the MENA region, more than half the vessels are over 25 years old. Oil majors operating in the region are often willing to pay a premium to use younger vessels.
The company gets more than 80 per cent of its revenue from the Middle East and Caspian Sea area, with additional revenue coming from North Africa and South East Asia.
halsayegh@thenational.ae
The five pillars of Islam
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
Other IPL batting records
Most sixes: 292 – Chris Gayle
Most fours: 491 – Gautam Gambhir
Highest individual score: 175 not out – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Highest strike-rate: 177.29 – Andre Russell
Highest strike-rate in an innings: 422.22 – Chris Morris (for Delhi Daredevils against Rising Pune Supergiant in 2017)
Highest average: 52.16 – Vijay Shankar
Most centuries: 6 – Chris Gayle
Most fifties: 36 – Gautam Gambhir
Fastest hundred (balls faced): 30 – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Fastest fifty (balls faced): 14 – Lokesh Rahul (for Kings XI Punjab against Delhi Daredevils in 2018)
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
MADAME%20WEB
%3Cp%3EDirector%3A%20S.J.%20Clarkson%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Dakota%20Johnson%2C%20Tahar%20Rahim%2C%20Sydney%20Sweeney%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
More on Quran memorisation:
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
UAE currency: the story behind the money in your pockets
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
KILLING OF QASSEM SULEIMANI
