Topaz Marine Case Study

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Quick look at the company: Renaissance Services SAOG is an Omani multinational Oil & Gas services based company listed on the Muscat Securities Market since the year 1996. The company’s main focus is Oil & Gas industry and blue-chip clients. The company owns and operates one of the top ten largest Offshore Support Vessel fleets in the world, has over 12,000 employees and in 2012 companies Revenue of US$ 0.67 Billion were recorded .The company thrives to provide safe, efficient and quality services to the Oil & Gas industry. Renaissance consists of following business groups Topaz Marine, Contract Services and others. Topaz Marine is one of the leading Oil & Gas services company, with a fleet of over 100 Offshore Support Vessels (OSV). The majority of these vessels operate in the Caspian, MENA and in the West Africa regions on contracts with regional and international Oil & Gas companies. Topaz Marine is a wholly owned subsidiary of Renaissance Services SAOG. The Contract Services Group is one of the leading international Integrated Facilities Management Company, which provides catering, operations & maintenance, property and facilities management services. CSG businesses serve a diversity of clients within the Oil & Gas, Energy Services, Healthcare, Education, Military, Commerce & Industry, and Ports & Marine sectors. Other groups include Topaz Engineering, The Media & Communications Group and The Education & Training Group. All these groups prosper together as a complementary collective yet operate on a reliably self-reliant basis. Renaissance has total assets of over USD 1.7 billion, employs over 12,000 people, operates in over 16 countries and has an outstanding growth record in all economic cycles. Problems: The company was de... ... middle of paper ... ...hich helped the company to long jump over standard steps of internationalization path model. Psychic distance was another find. Psychic distance explains the differences and similarities in different countries for example culture, political system, industrial progress and markets etc the company followed the Uppsala model to over come this and steadily expanded its business. These strategies show an increase in the turnover and profits of the years, and the companies’ business model has proven to be very resilient in both situations when oil prices were high or low. But based on all of these findings, it can clearly be seen that the existing theories in the IB literature at this time do not fully put up with the realities of companies and entrepreneurs outside the developed nations who are taking different and unique path toward globalization and achieving success.

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