Oman's Renaissance Services signed a $23.5 million loan agreement with Bank Muscat and Bank Sohar to finance business expansion plans, a company statement said on Monday.

'The loan will be used to fund the offshore support vessel fleet and expand contractor accommodation,' the statement said.

Bank Sohar has signed for $15 million of the loan agreement with Renaissance Services while Bank Muscat signed for $8.5 million of the overall amount, the statement said.-Reuters