MIS to Build Two Jackups for Orion International

MIS has signed two contracts for the supply and construction of two firm and two optional Friede & Goldman Super M2 design offshore jackup drilling rigs. The order was received from Orion International Drilling Services Ltd. who ordered the rigs with enhanced specifications including 5-Caterpillar 3516 main generators, 50 ft. diameter oversized spud cans, 2-National Oilwell HEX pumps and other enhancements. Orion is an independent drilling contractor committed to providing its customers with the best, most innovative and cost effective drilling solutions available, with offices in Dubai, Doha, and Singapore. The deliveries of the rigs will be 30 and 36 months from the effective dates of the contracts, expected to be third quarter 2009 and a few months later.

The contract price for the rigs is US$157.8 million each and the rig (s) will be supplied by MIS to Orion on a turnkey basis. MIS will dedicate two of the 30,000 ft. National Oilwell Varco drilling packages that it had ordered at the end of 2006 to these rigs to ensure their deliveries. MIS will build and deliver the rigs from its Sharjah, United Arab Emirates fabrication and shipyard. With this award, MIS' order backlog now exceeds US$ 700 million, more than double its backlog at the end of 2006.

Morten Haugan, CEO of Orion stated, "We are pleased to have finalized the agreement with MIS for two F&G Super M2 Jackup rigs. The order includes significant improvements in the usual equipment packages installed on such rigs, as well as certain design modifications in order to offer our customers the best possible Jackup rigs to meet and exceed their requirements".

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. and the recently awarded 1+1 order from the joint venture headed by KS Energy. It confirms MIS' faith in the market when late in 2006 it ordered three drilling equipment packages on speculation. MIS has established itself as the offshore jackup drilling rig builder of choice in the Middle East and we hope to secure many more projects in the future."

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