MIS Launches Offshore Jackup KS Endeavour

MIS has successfully loaded out its third new-build offshore jackup drilling rig -- Hull 107 -- at a more advanced state of completion as it benefits from the experience gained on the first two new-build rigs. Hull 107, contracted to KSAM2 Petrodrill Offshore, a joint venture company led by Singapore-based KS Energy Services Ltd., Saudi-based Amwal Al Khaleej and MIS, is now scheduled to be delivered months ahead of its original contract delivery date of February 2010.

Benefits of the learning curve were evident at the recent launch of Hull 107 with a greater degree of completion in comparison to the launches of the first two rigs, Hull 104 and 105. Hull 107 was loaded-out at a heavier weight of 5200T compared to 4200T at the time of launching the previous two rigs thus contributing to greater efficiency in terms of work completed while the hull was still on land. Additionally, Hull 107 now has its 4 modules for the living quarters already installed compared to Hulls 104 and 105 which were installed post launch; 150 T of steel outfitting has already been completed vis-a-vis 50 T for Hull 104 and 80% of the mechanical installation has already been completed compared to 40% on the previous rigs.

Hull 107 is a Friede & Goldman Super Mod 2 design with 30,000 foot rated drilling depth and an operating water depth capability of 300 feet (92 meters). This design is the first such design ever to be built and MIS' engineering expertise gained on the first two rigs has also resulted in accelerating the construction process.

"We're very pleased to see such visible benefits of our steep learning curve which is already delivering results for Hull 107," said Kevin Hudson, MIS' Group Chief Executive Officer. "We plan to maintain this strong momentum to ensure that the rig is delivered well ahead of its contract delivery date and to further benefit the other rigs currently on order."

MIS currently stands with 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 rigs under construction are scheduled for delivery throughout 2009 and 2010.

Dirk Leenheer, of KSAM2-Atlantic Oilfield Services (AOS), reiterated, "MIS' performance on Hull 107 thus far gives us the confidence that they can deliver ahead of the contractual schedule date."

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.

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