Renaissance Service has plans to invest RO195 million ($507 million) in the oil and gas sector during 2007-2009, a report said.

The company’s chief executive officer, Stephen R. Thomas, said Renaissance will scale back its business portfolio, primarily focusing on oil and gas services. The investment of RO195million is is in addition to RO32.868 million that has already been invested in 2006, the Oman Tribune report said.

Thomas said: “This will involve significant investments towards the growth of marine and engineering businesses, divest non-core businesses and at least one more strategic acquisition in energy sector.”

The investment strategy for 2007-2009 is focused on three significant plans which are: increasing the size and reducing the age profile of its offshore support vessel fleet, balancing investment between the fleet engaged in high demand spot markets and the fleet engaged in long-term stable contracts as well as to develop additional capacity and capability in its oil and gas fabrication and ship repair businesses and expanding capacity and geographical spread of its permanent accommodation for contractors (PAC) facilities in remote oilfields, he said.