MIS positions Middle East as hub for offshore jack-up rig building
Source: BI-ME , Author: BI-ME staff
Posted: Sun April 27, 2008 12:00 am

UAE. Oil and gas fabrication specialists Maritime Industrial Services Co (MIS) has made the Middle East a hub for the new-build offshore jack-up drilling rig business, with the launch and naming today of the second offshore jack-up drilling rig being built by MIS, the SeaWolf Onome.

UAE-based MIS made history in December 2007 when it successfully launched the first offshore jack-up drilling rig ever to be built in the Middle East region, the SeaWolf Oritsetimeyin. Continuing the tradition is Seawolf Onome, which was officially named today. 

The two rigs are being built at the MIS Sharjah shipyard under a US$254 million contract for SeaWolf Oilfield Services, a Nigerian drilling company. They were originally contracted by Norwegian Mosvold Jackup in 2006. The first rig will be handed over in August 2008, followed by the delivery of Seawolf Onome in December 2008. Both rigs are 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 metres). 

The design is ideal for off-shore drilling in the Middle East region where the average water depth is 115 feet (35 metres) and it has been carefully built to SeaWolf’s specifications. “This entire new-build project has met all of SeaWolf’s requirements and expectations,” said Adolor Uwamu, Chief Executive Officer of SeaWolf Oilfield Services. “Both rigs have progressed on time, on budget and according to schedule and this is a vote of confidence in MIS with whom we hope to continue our relationship."

According to Peter Convery, President and Chief Executive Officer of MIS, the region has witnessed an increased demand for production and MIS, which currently has a 200,000 square metre shipyard in Sharjah and has invested heavily in the local infrastructure, is benefiting from the shortage in capacity in the traditional international shipyards in areas such as Singapore, China and the United States Gulf coast.

“We expect the demand to increase over the next five years and we are looking for opportunities to expand our yard facilities by seeking out ideal locations in the UAE. We see this as an investment in quality maritime services as well as an investment in the UAE, positioning it as one of the world’s best suppliers of oil, gas and petrochemical fabrication services,” said Convery.

The increased business for MIS in the offshore jack-up drilling rig market has seen the company expand to a 5,000-strong operation in the Middle East.

“In addition to growing the MIS business, the new-build line of business serves two additional objectives: firstly creating world-class employment opportunities for professionals in this field, as well as creating an incremental source of business for the GCC oil and gas economy,” Convery said.

MIS was established in the UAE in 1979 and was the first GCC company to list on the Oslo Stock Exchange in May 2007. With clients in the UAE, the Middle East and all over the world, MIS follows and meets international safety and production standards.

The naming ceremony was attended by a number of UAE and Nigerian dignitaries as well as clients of SeaWolf and MIS.

The Onome was named after the wife of Remi Okunlole, Executive Director of SeaWolf Oilfields Services.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: June 26, 2019
UAE. Positive price movement demonstrates success of UAE's diversification drive; Dubai (21), Abu Dhabi (33) and Riyadh (35) rank among the most expensive cities for expatriates in the Middle East.
date:Posted: June 25, 2019
UAE. There were a number of iconic deals completed in Q1 FY19 which include: Network International IPO, acquisition of Careem by Uber, Saudi Aramco bond listing and investment into ADNOC pipeline and refinery assets by international investors.
date:Posted: June 24, 2019
UAE. The latest edition of PwC's Middle East Economy Watch looks at the recent oil price rebound and its mixed impact on regional economies.