| 21 Nov 2008 |
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MIS Completes First Offshore Jack-Up Drill Rig Ever to be Built in Middle East
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Dubai - With the completion of a newly designed offshore jack-up drilling rig, the UAE based Maritime Industrial services Company (MIS)Maritime Industrial services Company (MIS)
has become the 'First' to built SeaWolf oritsetimein, Hull -104 in the Middle East. This particular design is also the world's first Friede & Goldman Super Mod 2 ever to be built.
"This rig is the first one to be built from scratch all the way up to completion, informs MISMIS, managing director, Jerry Smith, while talking to Khaleej Times. "Along with the SeaWolf Oritsetimeyin we have built MISMIS ans Sharjah's reputation as not just a contributor to the oil and gas industry, but also a global player in the rig-building industry."
The SeaWolf Oritsetimeyin will be ready in coming few days to be delivered to its owner, SeaWolf Oilfield Services, a Nigerian company that will delivering the rig to Venezuela, the final buyer of the SeaWolf Oritsetimein," he informs. Jerry Smith further informs: "The rig 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 jack-up drilling rigs being built by MISMIS
for SeaWolf Oilfield Services, the Nigerian drilling company, in contracts worth $254 million."For MISMIS, with no previous record in building new rigs, the task has not been easy and completion has been somewhat delayed due to the many challenges and stumbling blocks, however, it proved to be an exceptional feat - especially with a new design that has never been built before anywhere in the world," he sated. "Interestingly, the rig work has come so fast that it has become the prime activities right now. But we are focusing on how to strike a balance in our rig work and traditional activities to bring both at the same level," the MD, said.
"With oil prices going down, does MISMIS
still expect more orders for building oil rigs? Smith responded: The type of rig MISMIS making can be very well be paid out with the lower oil prices that exist today. The cost of producing oil in the Gulf countries is very low and the type of rig we are building here, can very well be paid off with lowers oil prices like $75 per barrel." "Still most of the companies in oil rig building see this lower oil prices as market phenomenon and not being driven by the demand. The demand for oil rigs is very strong," Smith sated.Regarding acquiring yard capacity in other parts countries, like China and southeast Asia, Smith said: "Naturally there's market advantage if you have building capacity near the place you have contract or need. For, moving a rig for here to USA costs up to $ 6 million.
"But there still advantages in building detail engineering design and procedure before installation at the actual place -- because it's a very complex procedure and can not be taken on experimental bases. Many companies have gone into this business and failed. Today, primarily rig building industry are in America and Singapore and now MISMIS want to built the same track record in this area to be competitive." he reiterated .
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