Topaz Energy and Marine has been appointed as the technical managers of three vessels by a consortium comprising Blue Water Shipping A/S and Kazmortransflot (KMTF), in connection with the Tengiz oil field in Kazakhstan. Under the terms of the agreement, Topaz will act as the technical managers for three newly-designed Module Carrying Vessels (MCVs). The vessels will commence work in 2Q18 for a minimum contract period of over two years. The vessels will be transporting oil and gas modules to the Tengiz oil field from transshipment bases in Kazakhstan.   Our view: The contract is an extension of the USD350mn contract the company had secured a few months ago at the Tengizchevroil oil fields, and the total contract value is now in excess of USD380mn. We are positive on the news and reiterate our long-term positive view on RNS. However, the operational challenges in African and the Mena region, potential asset devaluation, dilution impact from MCB’s and a leveraged balance sheet would overshadow over the short term, in our view. Share price has corrected 16% over the past three months and now trades in proximity to our FV of OMR0.226/share. (Company disclosure, Sameer Kattiparambil)   Renaissance: OMR0.238 as of 25 September 2016, Rating: Sell, FV: OMR0.226 per share, MCap: USD177mn, RNSS OM / RSC.OM