MIS delivers second jackup to MENAdrill

Offshore staff

DUBAI, UAE -- UAE engineering group Maritime Industrial Services (MIS) has received a final payment of $17.1 million for its newly-built jackup MENAdrill II (ex-Hull 110).

MENAdrill II will sail out of MIS’ Sharjah yard later this month. It is the second rig the company has delivered to MENAdrill following the MENAdrill I (Hull 109) last November, and MIS’ fifth jackup. Four of these are currently in action offshore.

A team from GL Noble Denton supervised construction of the Friede & Goldman (F&G) designed Super M2 rig on behalf of the owner. MENAdrill Investment Co. (MENAdrill) is a drilling services company launched in 2008 by Bahrain-based First Energy Bank.

Last week, a further newbuild (Hull 108) was loaded out to Dubai Dry Docks, but will return to MIS’ Sharjah yard for finishing and commissioning. This rig should be completed later in the year.

In a separate development, another UAE-based fabricator, Lamprell, has made a bid to acquire 100% of MIS’ shares at a price of NOK38 ($7) per share.

In response to press speculation, Lamprell confirmed that it had entered into a letter of understanding with MIS, adding that discussions are only at a preliminary stage. Any offer would have to fulfil various conditions, including the satisfactory completion of due diligence.

04/11/2011

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