Swicorp acquires interest in Middle East jackup

Swicorp Joussour Co., a Saudi joint stock company managed by Swicorp, has acquired a majority interest in Mosvold Middle East Jackup Ltd., a Cayman Island company that will own jackups for operation in the Middle East.

Offshore staff

DUBAI, UAE -- Swicorp Joussour Co., a Saudi joint stock company managed by Swicorp, has acquired a majority interest in Mosvold Middle East Jackup Ltd., a Cayman Island company that will own jackups for operation in the Middle East.

Middle East Jackup was established by Mosvold Shipping Holding Ltd.

Middle East Jackup has two Super M2 F&G jackup rigs under construction at Maritime Industrial Services fabrication base and shipyard in Sharjah, UAE. Delivery is expected in December of 2009 and March of 2010.

08/06/2008

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