Project is MIS' highest refurbishment contract to date
UAE-based Maritime Industrial Services Co. Ltd. Inc. (OSE: MIS) today announced that it was awarded a US$ 55.4 million contract by Abu Dhabi's National Drilling Company (NDC) for the refurbishment of jack-up drilling rig 'NDC Al Bzoom.'
The contract, which is MIS' largest contract to date in its refurbishment value stream, will cover the Rig Integrity Assurance Programme (RIAP) as its base scope for the modification and refurbishment work on the rig.
The signing ceremony was held under the patronage of His Excellency, Mr. Abdalla Nasser Al Suwaidi, Chairman of NDC, and Abu Dhabi National Oil Company (ADNOC) Deputy CEO and Exploration & Production Director, with the contract being signed by Mr. Abdalla Saeed Al Suwaidi, NDC's General Manager and Mr. Kevin Hudson, MIS Managing Director.
"We enjoy a solid business association with MIS. This is not the first time that NDC contracts MIS for its specialised rig refurbishment works, nor will it be the last time," said Mr. Abdalla Al Suwaidi at the signing ceremony. "We look forward to a continued strong relationship with MIS."
Mr. Kevin Hudson, MIS Managing Director, reiterated the sentiment, "This agreement builds on an excellent track record between the two companies. We will do everything in our capacity to ensure that this project further strengthens our partnership with NDC."
Rig NDC Al Bzoom, which is a BAKER MARINE BMC- 150-IC design with a rated water depth capacity of 110 ft and drilling depth of 18,000 ft., will be used to drill oil wells in Abu Dhabi's offshore fields upon completion.
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About Maritime Industrial Services Group
MIS is a Panamanian registered company with its major fabrication base and shipyard in Sharjah, UAE and has approx. 5,000 employees. The company was founded in 1979 and has 30 years of profitable operating history. MIS provides integrated onshore and offshore engineering, procurement, fabrication, maintenance, construction and shipyard services including oil, gas and petrochemical processing equipment, marine, structural and new-build offshore jack-up drilling rigs, site installation, construction, commissioning and shipyard services, professional, technical, operational and safety services. Reported revenue for Q4 and FY09 interim results (period ending 31 December 2009) is USD 477.6 million with a net profit of USD 29.0 million. MIS trades on the Oslo Stock Exchange's main list under the ticker symbol MIS.
For more information please contact:
Rana Said, Corporate Communications Director, MIS
Tel: +9716 5285345 ext. 723
Mobile: +97150 462 5069
Rana@mis.ae
www.miscoltd.com
Riham Osama,
Account Director
Borouj Consulting
Tel: +971 4 340 3005
Mobile: +971 50 5529872
© Press Release 2010
