The contract price for the rig is US$148 million and the rig (s) will be supplied by MIS to the JV company on a turnkey basis. MIS will dedicate one of the 30,000 ft. National Oilwell Varco drilling packages that it had ordered at the end of 2006 to the first rig to ensure the delivery in 2009. MIS will build and deliver the rig from its Sharjah, United Arab Emirates fabrication and shipyard. With this award, MIS' order backlog now exceeds US$ 400 million for the first time in its history.
Jerry Smith, MIS Managing Director stated, "this is an important order for MIS to add to the two rigs already under contract for Mosvold Jackups Ltd.(MOJU:NOTC). It reflects the sentiment that MIS is a credible rig builder based on the progress achieved to date on the Mosvold rigs. In addition, MIS sees this type of joint holding of rigs increasing in the Middle East as more and more local companies establish themselves as equity holders in offshore jack-ups in the biggest oil and gas producing market area in the world. MIS will continue to try to promote this type of venture between established chartering companies and drilling contractors with local companies holding equity."
Most Popular Articles
From the Career Center
Jobs that may interest you