SHARJAH -- Construction group Maritime Industrial Services has confirmed acceptance of its newbuild jackup KS Endeavor (Hull 107) from KSAM 2 Petrodrill Offshore. The latter is a joint venture company between Singapore-based KS Energy Services, Saudi Arabian company Amwal Al Khaleej, and MIS.
KS Endeavor, a Friede & Goldman Super M2 design, is MIS’ third newbuild offshore jackup drilling rig. MIS says the program benefited from the yard’s learning curve on assembly of two previous SeaWolf rigs. “The experience we gained on Hulls 104 and 105 helped MIS in the final stages of the KS Endeavor’s progress, although we faced a few challenges during the process,” says the company’s Managing Director Kevin Hudson.
MIS remains in arbitration with Mosvold Middle East Jackup Ltd. and Mosvold Middle East Jackup II, in which it has an indirect shareholding of 8.7%. This concerns the termination on Sept. 1 last year of construction contracts for Hulls 106 and 108. MIS says it is in negotiations with potential buyers for both rigs.
The company says its existing newbuild backlog should keep the UAE yard fully employed throughout 2010, although no further newbuild contracts have been booked. It plans to focus on developing new opportunities in the Abu Dhabi and Saudi Arabian markets.