MIS wins $148m contract to supply rig
UAE-based and Panama registered Maritime Industrial Services Co (MIS) has won a Dh543 million ($148 million) contract to build and supply one firm and one optional Friede & Goldman Super M2 Rig, the company said in a statement yesterday.
"MIS has finalised a Letter of Intent for the supply and construction of one firm and one optional Friede & Goldman Super M2 design offshore jack-up drilling rig and received a $5 million deposit towards the down payment milestone for the firm rig," it said.
"The order was received from a newly established joint venture company made up between KS Energy Services Ltd with 50 per cent equity, Amwal Al Khaleej Commercial Investment Co Ltd [a Saudi Arabian private equity company] with 40 per cent equity and MIS with 10 per cent equity.
"It is expected that the formal joint venture agreement between the parties and the final building contract will be finalised in early April. The delivery of the rig will be 30 months from the effective date of the contract or around third quarter 2009."
The rigs will be supplied by MIS to the JV company on a turnkey basis. MIS will dedicate one of the 30,000 feet National Oilwell Varco drilling packages that it had ordered at the end of 2006 to the first rig to ensure the delivery in 2009. MIS will build and deliver the rig from its Sharjah-based fabrication and shipyard.
MIS' order backlog now exceeds $400 million for the first time in its history.
MIS is Panamanian registered with its major fabrication base and shipyard in Sharjah. It has about 3,500 employees. The company was founded in 1979 and its 2005 revenue was $108.8 million. with net profit of $9.6 million.
"MIS has finalised a Letter of Intent for the supply and construction of one firm and one optional Friede & Goldman Super M2 design offshore jack-up drilling rig and received a $5 million deposit towards the down payment milestone for the firm rig," it said.
"The order was received from a newly established joint venture company made up between KS Energy Services Ltd with 50 per cent equity, Amwal Al Khaleej Commercial Investment Co Ltd [a Saudi Arabian private equity company] with 40 per cent equity and MIS with 10 per cent equity.
"It is expected that the formal joint venture agreement between the parties and the final building contract will be finalised in early April. The delivery of the rig will be 30 months from the effective date of the contract or around third quarter 2009."
The rigs will be supplied by MIS to the JV company on a turnkey basis. MIS will dedicate one of the 30,000 feet National Oilwell Varco drilling packages that it had ordered at the end of 2006 to the first rig to ensure the delivery in 2009. MIS will build and deliver the rig from its Sharjah-based fabrication and shipyard.
MIS' order backlog now exceeds $400 million for the first time in its history.
MIS is Panamanian registered with its major fabrication base and shipyard in Sharjah. It has about 3,500 employees. The company was founded in 1979 and its 2005 revenue was $108.8 million. with net profit of $9.6 million.