Maridive & Oil Services secures $160mln construction contract in India

Maridive & Oil Services Co. (“Maridive” or the Group, MOIL.CA on the Egyptian Exchange), one of the largest private offshore marine and oil support services providers in the MENA region by number of vessels, announced today that the Group’s construction subsidiary, Valentine Maritime, has secured a new contract in India valued at USD 160 million.

The contract includes engineering, procurement, installation and commissioning services for several pipelines to be delivered on a turnkey basis. Operations are set to commence in the third quarter of 2019 and are expected to be completed by the fourth quarter of 2020.

With this contract secured, Maridive’s backlog for the period 2019-2021 now stands at USD 410 million. The Group’s Offshore Construction Services Division, composed of Valentine Maritime and Maridive Offshore Projects (‘MOP’), accounts for USD 206 million of this total, with the remaining USD 204 million contracted at the Offshore Support Vessels Division.

“We are very pleased to have been awarded this contract despite the challenging operating environment and generally slow E&P spending across global markets,” said Maridive Chairman Dr.Tarek Nadim. “Valentine’s ability to secure the contract through competitive bidding is thanks to the company’s reputation for quality and safety, as well as the qualification of its assets that meet the region’s most rigorous standards. The contract not only adds to the Group’s backlog, but also expands our presence across a diverse geographical footprint that now stretches from the Gulf of Mexico to the Indian Ocean, covering several major oil-producing regions.”

“We look forward to delivering the turnkey works on-time and to spec, building on our long track record of securing and delivering high-quality services to clients across the globe.”