MIS Awarded $335M Contract To Build Two New Offshore Jack-Up Drilling Rigs
DUBAI, United Arab Emirates--(BUSINESS WIRE)--UAE-based Maritime Industrial Services Co. Ltd. Inc. (OSE:MIS) continues the success in its new-build programme with the signing of rig-building contracts worth US$335m for the detail design and construction of two offshore jack-up drilling rigs for Mosvold Middle East Jackup (MEJU).
With this award, MIS is now positioned with a mid-2008 confirmed order backlog of US$480m, an increase of US$110m on its firm backlog at this time last year, excluding the two Orion rigs subsequently deleted from backlog. The two firm rigs (Hull 106 and Hull 108), will be supplied by MIS on a turnkey basis and will be built at MIS' shipyard in Sharjah, UAE.
"Our strong relationship with MIS continues with this new contract. With their reputation as a professional yard and their performance on the first two rigs, our decision to build at MIS was made easier," said Mr. Roy Mosvold, Chairman of MEJU. "The Middle East is the fastest growing jack-up market and we look forward to further developing our relationship with MIS as together we address the demand for more new rigs in this market."
Moreover, Jerry Smith, MIS Managing Director, said: "We are very pleased to receive this repeat order from Mosvold and we see it as an important one to further cement MIS' position as the offshore jack-up rig builder of choice in the Middle East." "We expect the interest in our new-build programme to continue over the next few years and we are continually looking for opportunities to expand our yard facilities by seeking out ideal locations in the UAE," said Smith.
The two rigs, Hulls 106 and 108, are a Friede and Goldman (F&G) Super Mod 2 design with 30,000 foot rated drilling depth and an operating water depth capability of 300 feet and with accommodation for 110 people on each rig.
Source: ME NewsWire.
About Maritime Industrial Services: MIS is a Panamanian registered company with its major fabrication base and shipyard in Sharjah, UAE and has approx. 5,000 employees. The company was founded in 1979 and has 29 years of profitable operating history.
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