MIS Wraps Up Work on SeaWolf Oritsetimeyin Jackup

UAE-based Maritime Industrial Services has achieved a Middle East first with the completion of a newly designed offshore jackup drilling rig. The SeaWolf Oritsetimeyin (Hull 104), is also a world first: this particular design is the world's first Friede & Goldman Super Mod 2 ever to be built.

The SeaWolf Oritsetimeyin, which is scheduled for actual delivery to the client in the coming days, is currently undergoing intensive commissioning and testing procedures before final delivery. Along with its sister rig, the SeaWolf Onome, this rig is one of two offshore jackup drilling rigs being built by MIS for SeaWolf Oilfield Services, the Nigerian drilling company, in contracts worth $254 million.

"The task has not been easy and completion has been somewhat delayed due to the many challenges and stumbling blocks," said MIS managing director Jerry Smith. "However, for a yard with no previous record in building new rigs, we consider this an exceptional feat – especially with a new design that has never been built before anywhere in the world. We are pleased to confirm that this steep learning curve and the experience gained on those two first rigs, is already delivering results with our third rig, the KS Endeavour (Hull 107) scheduled for delivery well ahead of its contract delivery date."

Capitalizing on the capacity shortage in traditional new-build yards in Singapore, China and the US Gulf Coast, MIS entered the new-build market two years ago, making it the first yard in the Middle East to offer this value stream. Today MIS has an order book of US $1 billion and a total of seven rigs under construction at its yard in Sharjah. The most recent orders placed this year were by Mosvold Middle East Jackup for Hulls 106 and 108 and by Bahrain's MENAdrill for Hulls 109 and 110. All five rigs under construction following the two Seawolf rigs are scheduled for delivery throughout 2009 and 2010.

MIS now joins the ranks of the world's new-build yards for major offshore jackup drilling rigs, in line with the company's strategy of managing a diverse and balanced business portfolio that combines new-build with its core strengths in traditional business.

"This represents full production for the next two years and we are confident in the future of the jackup rig market which is showing continued long-term demand," said Smith. "Although there is capacity across all rig segments, this will be tempered by ageing fleets due to be taken offstream and by the day rates which still look strong. Our achievements in this market demonstrate that the Middle East is not just a source of oil wealth, it is also a source of oil and gas engineering and excellence."

Both SeaWolf rigs are of a Friede and Goldman Super Mod 2 design with 30,000 foot rated drilling depth and an operating water depth capability of 300 feet (92 meters). The SeaWolf Onome, SeaWolf's second jackup rig under MIS' construction, is scheduled for delivery to SeaWolf in February 2009.


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