MIS Launches First Mid-East Built Jackup

UAE based Oil & Gas Fabrication Specialists Maritime Industrial Services Co. Ltd. Inc has achieved a significant milestone today as it has successfully loaded out and launched the first offshore jackup drilling rig to be built in the Middle East region, SeaWolf Oritsetimeyin, on schedule, on budget and according to plan. The unit will be completed once secured and jacked up back at the MIS quayside.

MIS, with its 200,000 square meter yard space capacity in Sharjah, has used the capacity-shortage in traditional New Build yards in Singapore, China and the US Gulf Coast to leverage a position for itself among the world's most efficient builders of jackups. This places MIS as the first yard in the Middle East to join the ranks of the world's New Build yards for major offshore jackup drilling rigs.

SeaWolf Oritsetimeyin, originally contracted by Norwegian Mosvold Jackup Ltd. in 2006, is the first of two offshore jack-up drilling rigs being built by MIS for SeaWolf Oilfield Services Limited, a Nigerian drilling company, in a contract worth US$254mn. The rig, scheduled for delivery on August 30, 2008, is a Friede and Goldman Super Mod 2 design with 30,000 foot rated drilling depth and an operating water depth capability of 300 feet. SeaWolf Onome, SeaWolf's second jackup rig under MIS's construction, is the same specification as SeaWolf Oritsetimeyin and is on time and scheduled for delivery to SeaWolf in December 2008.

In August this year, MIS was also awarded a contract for the construction of an additional jackup drilling rig – Hull 107 - for the recently established joint venture company, KSAM2Petrodrill Offshore, led by Singapore-based KS Energy Services Ltd. Hull 107 is scheduled for delivery in February 2010. The construction of Hull 107 has already started and the keel will soon be laid in the space in MIS's shipyard that was vacated by the SeaWolf Oritsetimeyin.

Speaking from Nigeria, Adolor Uwamu, Chief Executive Officer of SeaWolf said, "We are clearly pleased that MIS has justified our confidence by meeting and in fact exceeding its commitments to us. MIS's timely delivery, to specifications and cost control, are testament to our confidence – and allows us to meet our commitments to our investors". Jerry Smith, MIS Managing Director reiterated MIS's well-placed market position saying: "this key milestone is important for MIS as it further strengthens our position as the offshore jack-up rig yard of choice in the Middle East. This is a historic moment both for MIS and for the Middle East region."

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