Muscat, Oman, March 25, 2013—IFC,
a member of the World Bank Group, is investing in Renaissance Services
SAOG, an Oman-based oil and gas services company, to further help in expanding
the company’s presence in emerging markets.
IFC has purchased $30 million of mandatory
convertible bonds held by the company’s wholly-owned subsidiary, TISCO.
Renaissance, which has over 12,000 staff providing marine, engineering,
housing, and catering services in emerging markets, will use this financing
to upgrade its fleet of vessels servicing the growing offshore oil and
gas industry in West Africa, the Caspian, the Middle East, and North Africa.
“IFC is an international investor and
we look forward to a long-term relationship,” said Samir J. Fancy, Chairman
of Renaissance Services’ Board of Directors. “It demonstrates the belief
and confidence IFC has in the future of our company and is a testament
to our strong business model, industry leading performance, and robust
IFC will use its global presence and
local market knowledge to support Renaissance in its expansion plans, particularly
in West Africa and the Caspian.
“IFC is delighted to partner with Renaissance
in its continued successful expansion outside the GCC into emerging markets
where it has been creating jobs, raising local standards, and enhancing
local service options for the oil and gas sectors,” said Mouayed Makhlouf,
IFC Director, Middle East and North Africa.
IFC, a member of the World Bank Group
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.
About Renaissance Services SAOG
Renaissance Services SAOG is an Omani
multinational company listed on the Muscat Securities Market in the Sultanate
of Oman with operations in 16 countries across the emerging markets. Renaissance’s
core operations are focused on providing services to energy leaders in
the oil and gas industry primarily in MENA and the Caspian region. It is
organized in to three distinct businesses: the marine business operates
offshore support vessels to support clients in the offshore oil and gas
industry; the engineering business provides services to the oil and gas
and marine industries; and the contract services group provides accommodation
facilities for oil and gas contractors. For more information, please visit