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Renaissance Subsidiary Adds OSV to its Fleet

Renaissance Services recently added a new, 61-metre emergency recovery and response vessel named the Caspian Protector to its diverse fleet of Offshore Support Vessels (OSV) that provide marine services to blue-chip oil and gas companies.

The Caspian Server will be deployed in Azerbaijan in support of a 10-year, US$ 225 million contract with oil major BP, won by the company's subsidiary, Topaz Energy and Marine, in 2008.

In addition to the Caspian Protector the other vessels deployed against the contract are the platform supply vessel the Caspian Server, which began its operations in 2009, and the anchor handling tug supply vessel the Caspian Power, due for delivery later this year.

Roy Donaldson, Chief Operating Officer at Topaz Marine, said, "The Caspian Protector is the result of a collaborative process between Topaz and our client, BP, to understand the client's exact requirements and jointly develop the technical specifications of a vessel that's uniquely equipped to meet the challenges of the operating realities of the Caspian Sea."

In 2009, Renaissance Services saw its OSV fleet cross the 100 mark, which steered its Topaz subsidiary further up the list of top ten OSV companies in the world.

The company's long term investment strategy is to increase the size of its OSV fleet while reducing the age profile, and has in five-years added over 90 vessels to its fleet while reducing the average age from 19-years to 7.6-years.

This strategy has proven to be a profitable revenue stream for the company during the recession, with oil and gas clients favoring the modern and high specification vessels to meet the current industry standard demands.

Source: Times of Oman

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