UAE-based Maritime Industrial Services has received a Letter of Intent from Arabian Drilling Company of Saudi Arabia (ADC) confirming a US $ 5 million contract to cover rig refurbishment work for ADC's jackup rig Arabdrill 08. The project is contracted on a fast-track basis with the rig scheduled for arrival at MIS' Sharjah, UAE yard at the end of April and scheduled for completion by end of June 2009.
The project scope covers a range of shipyard refurbishment work including equipment replacement and upgrade, piping modification, tank conversions, and accommodation refurbishment and extension, as part of the rig's preparation for its new contract with Khafji Joint Operations, (KJO), a company owned and operated jointly by Aramco Gulf Operations (AGOC) and Kuwait Gulf Oil Company (KGOC).
Arabian Drilling Company has long been a client of MIS dating back to 1996 and the current award is testimony to the strong relationship with this key customer. Rab Nawaz Khan, AD-08 Project Manager commented, "We value the support that MIS always extends Arabian Drilling and we are confident that this project, like others before it, will be executed in a timely fashion."
The project marks MIS' strategic move to re-focus efforts on all its value streams, specifically rig refurbishment which is one of MIS' oldest business lines.
MIS' Group CEO Kevin Hudson views the rig refurbishment market as a good source of business in the coming period. "Rig owners will want to take the opportunity of the current market to upgrade their rigs specifically with the large number of rigs in the area that are close to 30 years old," said Hudson.
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