MIS scores refurbishment work
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 10 September 2008
UAE’s Maritime Industrial Services (MIS) has announced the award of several rig refurbishment projects worth more than US$25 million. This brings MIS’ total rigs at the yard to 10, five of which are refurbishment projects and five new-build offshore Jackup drilling rigs currently under contract, the largest number of rigs MIS has ever had.
MIS will carry out refurbishments for extending certification to upgrading and testing work for a umber of international clients, including Transocean, Thule Drilling ASA, Ensco International and Hercules Drilling. The added workload has contributed to a firm backlog of over $520 million.
“While our efforts were recently focused on filling the new-build order book, we have in parallel maintained our strategy of supporting our more traditional business activity, namely, rig refurbishment work as this further highlights MIS’ unique position which spans a number of business lines,” said Jerry Smith, managing director, MIS.
The work on all rigs is currently taking place at both of MIS' quayside yards in Port Khalid. With work on the five new-build rigs already in progress, MIS' 200,000 m2 yard space has witnessed its largest ever line-up. This increase is indicative of the growth in the GCC rig refurbishment market, with the majority of rigs today in the region of 25-30 years old.
READERS' COMMENTS
MORE FROM ARABIANBUSINESS.COM
TOP IN MIDDLE EAST ENERGY
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST ENERGY
LATEST MIDDLE EAST BUSINESS NEWS
- Energy: Shell delays Qatargas4 project by a year
- Construction & Industry: Abyaar and Lacroix to build Dubai residential tower
- Travel & Hospitality: Gulf Air unveils strategy to save $2.65bn over five years
- Travel & Hospitality: Accor opening two new ibis hotels in region
- Banking & Finance: Abraaj Capital issue is fully subscribed
SHARE PRICE CHECK
RELATED STORIES
Maritime Industrial Services Company LTD (MIS)
- Scaling new heights
11 Feb '09 | Features - The rig builder of Sharjah
1 Aug '08 | Features




