Nico Middle East Ltd., the Dubai based offshore vessel owner and operator and wholly owned subsidiary of Renaissance Services SAOG (Renaissance), announced that it has signed a charter-party agreement with OceanTeam Power and Umbilical of Norway for its cable laying vessel “Team Oman”. Under the terms of the agreement, the Team Oman will operate on a 4 year firm (plus 1 year option) charter party contract. The contract value is estimated to be in excess USD 47 million over the contract period. The Team Oman is a specialized power-cable lay vessel with capability to lay over 4,000 tons of cable and is expected to be utilized in the oil and gas, renewable and power distribution sectors. The vessel has worked on major projects for the energy industry around the world and is recognized as one of the world’s most advanced cable lay vessels in the industry. OceanTeam Power and Umbilical is a wholly owned subsidiary of OceanTeam Power and Umbilical ASA, a publicly listed company on the Norwegian stock exchange. Renaissance Services SAOG is one of the largest services companies listed on the Muscat Securities Market. The largest proportion of Renaissance business is engaged in providing quality services to the oil & gas industry, where it is a leading turnkey contract services provider; and has one of the top 10 support vessel fleets in the world with a significant presence in the Gulf, the Caspian region and S.E. Asia. Renaissance is recognized as an Omani public company with substantial international credentials, successfully exporting its services abroad. Renaissance 2006 revenue is estimated to be in the region of RO 135 million (US$350 million) up from RO 106.4 million (US$276 million) the previous year.