04/05/08: Renaissance Services acquires Doha Marine for RO49 million
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10/04/08: Renaissance Appoints New Ceo At Topaz
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20/11/07: Topaz Subsidiary to form Saudi JV
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30/10/07: Topaz Subsidiary Awarded Major Oil & Gas Contract
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30/09/07: Topaz subsidiary secures Long-term Contract with British Petroleum in the Caspian
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04/07/07: Nico International delivers the first of a series of specialised working vessels
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25/04/07: Topaz subsidiary secures Long-term Contract
with Agip KCO in the Caspian
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15/04/07: Adyard Awarded US$15 million Contracts
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07/03/07: Nico International Wins Oil Storage Terminal Contract.
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Chairman's Report 2007

This was another record-breaking year. 2007 marked completion of the first year of our three-year business plan engineered to strategically grow value, relationships and opportunities in an aggressive and sustainable manner. Adherence to this plan, paired with growth opportunities in a number of markets, came together to help us exceed performance goals and position us well for 2008.

Topaz once again broke records for both revenue and profit, performing at 42%, and 61% above last year respectively. A number of factors contributed to our financial success this year including a resilient oil and gas sector, strong occupancy and day rates in our offshore support vessel (OSV) division, growth opportunities in the ship repair and oil & gas business and increased strategic alliance advantages and synergies resulting from the diversity, breadth and maturity of our business mix.

A strong world economy, which continued rapid expansion worked in favor of our growth. Regional economic development helped fuel industry investment in the company’s core operating areas due to healthy oil revenues, strong activity in and around the Caspian, and robust GDP expansion in the GCC.

The global oil and gas market remained buoyant in 2007, with solid commodity prices and forecasted 2008 prices similarly strong even by the most conservative of industry estimations. This translated into increased project and product demand in the company’s core markets and new opportunities to stretch conventional capabilities. Not content to rely on only market dynamics and a superior business plan for our competitive advantage, we also continued to invest in our own organizational equity from people to knowledge to the most progressive technology.

Bridging the gap between the marketplace and our organization, we’ve furthered investment in joint venture partnerships, especially within the Caspian. These are important geographical areas for our organization and the industry at large, and these new investments will serve us well—demonstrating our long-term commitment to the region.

Next year will serve as our 10th anniversary of Topaz Energy and Marine which was initially born out of an IPO in 1998. While the heritage of our Company dates back to 1947 when the first Nico Company was established in Gothenberg, Sweden and the present day Nico was established in Dubai in 1973, the groups comprising today’s Topaz, have built a long legacy of service in the region. This 10 year milestone still holds both strategic significance and a tremendous amount of pride for what we have accomplished.

In today’s energy and marine environment, merely doing a good job is not enough. True distinction, true advantage, takes drive. It takes a drive that turns adversity into advantage; a drive that wastes no opportunity or resource. A drive that demands more.

It is not for everyone. But those who have made the company what it is today have an inherent drive that now permeates every endeavor new and old. And for that, I am grateful—and confident that 2008 will be another of the best years in our history.

Samir J. Fancy
Chairman