Samir Fancy forms Tawoos Group in partnership with his half-brother, His Highness Sayyid Tarik bin Shabib, and other family members.
A turning point in Omani corporate history: Tawoos Group becomes first family-owned business in Oman to offer shares for public ownership. Renaissance Services is formed through this IPO, valued at US$ 27 million.
The company employs approximately 2,000 people and its most valuable service businesses are IT, contract catering, training and media.
Newly appointed Chairman Samir Fancy makes radical shifts in management policy and structure, and drafts an independent Board of Directors.
Renaissance wins contracts for Permanent Accommodation for Contractors (PAC) project with Shell/PDO.
New public company incorporated to develop PAC projects, listed as Renaissance Hospitality Services SAOG (RHS) valued at US$ 16.3 million. The event reignites an appetite for IPOs in Oman.
Renaissance merges with its PAC subsidiary for better financing and costs synergy.
The Renaissance PAC project receives the Investment Project of the Year award.
Chairman Fancy drives world class best practices in corporate governance and Health, Safety & Environment and Quality.
The Contract Services businesses such as Life Support Accommodation (LSA) and Dining Facilities (DFAC) gain reputation for operational excellence and customer-oriented service in international markets and dominate the market in Oman.
The Renaissance Contract Services Group has produced remarkable results with an increase of Rial 13.7 million in the turnover compared to 2003.
During the year the Company’s Technology Group (IMTAC) was awarded with the project to implement Real Time Gross Settlement System (RTGS) by the Central Bank of Oman, thereby bringing the Omani system in line with international requirements for national. Other Major wins include IT projects for Nawras Telecom, Ministry of Tourism, Ministry of Health and Petroleum Development Oman and Sultan Qaboos University.
Renaissance Services embarks on a new major investment and merges with Topaz Energy & Marine SAOG in a share swap deal, followed with an acquisition of another offshore support vessel company BUE Marine Ltd.
Renaissance galvanizes the reward structure and strengthens the company’s talent retention with a combination of cash and deferred stock rewards in its Senior Management Incentive Programme (SMIP).
Renaissance Contract Services Group acquires offshore catering company in Norway thereby expanding its operational onshore role and focuses on oil & gas services.
Renaissance forms joint ventures in Angola and Saudi Arabia.
Chairman and Board approve a US$ 0.5 billion asset-based investment plan, laying the foundations of a long-term, organic growth path.
Renaissance acquires Doha Marine Services WLL, the second largest offshore support vessel company in Qatar.
The company divests its technology group to center its oil & gas orientation; total number of employees is over 10,000.
Renaissance invests comprehensively in the building programmes for its OSV fleet and in the construction of Permanent Accommodation Facilities in Oman.
Among new contracts awarded, the company’s Marine subsidiary wins a 10-year, US$ 100million contract from Agip KCO, and US$ 42 million contract with TOTAL Qatar, while an Engineering subsidiary is awarded an EPC contract by Port of Fujairah.
Renaissance achieves ten years of consecutive growth. The company’s Contract Services Group (CSG) enters into a joint venture in Abu Dhabi, extending CSG’s market presence to six nations over three continents; Engineering business in Abu Dhabi (ADYARD) completes a 12,500 ton steel Mobile Offshore Production Unit, achieving 7 million man-hours with no lost-time injury, for Talisman Energy.
Renaissance issues the company's largest single funding offer and first mezzanine financing offer, US$ 104million, in long-term subordinated notes, fully subscribed by Omani investors.
Renaissance records highest ever annual turnover at Rial 289.9 million (US$ 753.0 million). The company’s asset base has reached to Rial 653.7 million (US$ 1.7 billion). An year of aberration, the company faced unforeseen and unprecedented challenges in this year, primarily in its Engineering business.
Topaz Marine announced its plan for the new financing initiative of US$ 325 million with major international banks. Also Renaissance announced its plan to raise additional capital worth up to Rial 43 million (US$ 112 million), by issue of Mandatory Convertible Bonds through rights issue; the first of a kind in Sultanate of Oman.
As a part of modernization and to provide safe, efficient and quality services, Topaz Marine has added 11 vessels to its fleet in 2011 with considerable focus on decommissiong aged vessels. It has signed long term vessel contracts with prominent clients, including BP, Saudi Aramco and Maersk Oil Qatar totaling to more than US$ 248 million. Company’s Contract Services Group grabs US$ 40 million contract with Ministry of Health.
National Training Institute, the education subsidiary arm of Renaissance, expands into Kingdom of Saudi Arabia and secures a strategic Joint venture with the renowned Oil and Gas construction company.
Renaissance has started the financial and legal restructure of the group in 2011, and completed the task in 2012: separating the Marine and Engineering businesses into independent units. The Company has taken action to eradicate the loses in the Engineering businesses and confine the heavy impact of those losses to 2011 and 2012. The Company has appointed new high-calibre leadership for Topaz. Through all these actions, the problems of 2011 and their legacy consequences in 2012 are behind us. The company has successfully completed the first phase of refinancing (USD 325 million) in 2012, and placed the first USD 77 million of a USD 112.2 million Mandatory Convertible Bonds issue.