Under the contract, the Renaissance subsidiary will custom-build, own and operate six specialized barges over a ten-year period to support its development program in the Kashagan oil field in the Northern Caspian.
The award further solidifies the company's ability to deliver stable cash flows and investor returns over a number of years in these times of global financial turmoil, and leverages the group's already leading market position in the Caspian.
The contract calls for six ice-class barges to be deployed in 2010 comprising of three cutting, one liquid-mud and two flat-top barges. Each is specialized to handle icy conditions and the units are all low-draft when fully loaded.
The contract award is in addition to another recent Caspian win of c. OR86.5m ($225m) contract with BP. Under that contract, the company will operate three vessels in support of BP's program in Azerbaijan over the next ten years.
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Renaissance subsidiary wins $100m contract from Agip
- Oman: Tuesday, June 02 - 2009 at 12:05
- PRESS RELEASE
Renaissance subsidiary Topaz Energy and Marine has just secured a c. OR38.5m ($100m) long-term contract with Agip KCO in Kazakhstan through its BUE Kazakhstan firm.
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Notes and media contacts
For more information, please contact:Hala Srouji
Corporate Communication Manager
Renaissance Services SAOG
P.O. Box 1676, PC 114
Tel: (+968) 24796636 Ext. 303
Fax: (+968) 24796639
Posted by Rana MesbahTuesday, June 02 - 2009 at 12:05 UAE local time (GMT+4)
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