Topaz Energy and Marine, a subsidiary of Renaissance Services, has been awarded a $100 million (£60.1 million) contract by Agip and will now deliver six specialised barges over ten years to support the Kazakh offshore industry.

Commenting on the award, Topaz averred that it strengthens the company's ability to deliver stable cash flows and shareholder returns during a period of marked economic turmoil.

Fazel A Fazelbhoy, Topaz's chief executive officer, commented: "With support of our strong ties with international financial institutions, Topaz's growth path continues to look healthy even in these recessionary times."

The company's vessels are listed among the top ten largest offshore fleets in the world, with some 95 vessels in use in the global offshore oil and gas industry, with clients spanning the Middle East and North Africa, South-East Asia and the Caspian Sea.

Holding company Renaissance Services also maintains the Education & Training Group, which is the leading private sector training provider in the Sultanate of Oman.

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