“Omani Renaissance Eases Out of Economic Crisis”

Omani oil and gas contractor Renaissance Services said it expected to boost full-year 2009 profits on tighter margins as it successfully rode out tough economic conditions.

Renaissance said in a statement it expected full year net profit of US$74 million, up from US$68 million in 2008, as it boosted revenues from US$608 million to US$645 million.

The company said operating profit rose 8.4% year on year as it increased operating margins from 15.9% to 16.4%.

Chief Executive Stephen Thomas said: “This is a good result for an international enterprise in a year of unprecedented global economic recession.

“The group as a whole and the marine and contract Services businesses have all outperformed prior year results, which is an extraordinary performance in their respective sectors at this time,” he said.

“The Engineering business has steered through a very difficult year and now has improving visibility ahead,” he added.

Renaissance said it would release its audited results in the first week of March 2010. - Upstream