Offshore staff

SINGAPORE -- KS Energy Services Ltd. leads a new joint venture in the United Arab Emirates to build a $148-million Friede & Goldman Super M2 design jackup rig.

KS Energy is taking 50% stake in the new partnership. Saudi private equity company Amwal Al Khaleej Investment Co. will have a 40% stake, and Sharjah-based Maritime Industrial Services Co. Ltd. (MIS) will have a 10% share.

MIS will build the rig at its fabrication and shipyard facility in Sharjah, and will deliver it in 30 months for the Middle East market.

The partnership is timely and offers the opportunity for KS Energy to venture into the Middle East, which is investing more than $1 trillion on infrastructure and development, says Kris Wiluan, KS Energy chairman and chief executive.

4/3/2007