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IFC Invests $30 Million in Renaissance Services Mandatory Convertible Bonds to Boost Oil and Gas Services in Emerging Markets


In Cairo:
Riham Mustafa, IFC
Phone: +20 2 2461 4230
E-mail:
RMustafa@ifc.org

In Washington
Josef Skoldeberg, IFC
Phone: +1 202 473 6978
E-mail:
JSkoldeberg@ifc.org


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 governance mechanisms.”

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.

About IFC
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.

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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 www.renaissance-oman.com