renew visa or pay visa penalty

i already finished 1year out of my 2year contract. my visa expired december. i already gave resignation letter, new job waiting for me in Oman. company said i need to renew my visa because expired visa cant be cancelled. is that possible? maybe ill have problems after i renew it.
i also know that i have 3 months duration to stay here. if ill pay the penalty how much would it cost me.
which is much better:
-renew my visa so company can cancel later
-or pay visa penalty instead and then leave the country

please help me. thank you so much.