Topaz Energy and Marine Limited a subsidiary of Renaissance Services SAOG, one of Oman's leading oil and gas services company, today announced that it has concluded a USD 50 million syndicated Islamic lease finance facility with Standard Chartered Bank, Bank of Scotland and First Gulf Bank. Under the terms of the agreement, the facility will be used towards the construction of 8 special purpose ice class work barges and they will operate in the north Caspian region of Kazakhstan. "This shariah complaint facility was structured innovatively and it gives the client the flexibility. Standard Chartered is at the forefront of structured vessel financing and we are pleased to have concluded this transaction with one of the world's leading marine vessel owners and operators. Our team has considerable expertise and experience in vessel financing in the Middle East. Thus, we were able to recognize the strong industry fundamentals and structure the facility accordingly," said John Iossifidis Regional Head of Client Relations Middle East and Pakistan Standard Chartered Bank. "This transaction marks a significant milestone for the company as it is the first time we have done an Islamic finance transaction. Standard Chartered's capabilities and industry knowledge was ideal for a transaction of such nature" said Renaissance CEO, Mr. Stephen Thomas. Renaissance is a diverse service group listed on the Muscat Security Market in the Sultanate of Oman with a primary focus on oil and gas services. Renaissance owns one of the top 10 offshore fleets in the world; has engineering businesses in oil & gas fabrication and afloat ship repair; is a leading turnkey contract services provider; and has successful technology, media and training businesses.