April 25, 2011
MIS Signs Contract with Shipyard Group Crist SA
MIS SIGNS CONTRACT WITH SHIPYARD GROUP CRIST SA
Fabrication of legs for wind turbine installation vessel
UAE-based MIS Group (Maritime Industrial Services – OSE: MIS), a diversified engineering and contracting group focused on the energy sector, has signed a contract with Polish shipbuilding yard CRIST S.A. The contract, valued at US$ 22.5 million, entails the fabrication of four Friede & Goldman (F&G) legs for the wind turbine installation heavy lift jack-up crane vessel, Rig NB 142, for end user BELUGA HOCHTIEF Offshore, a joint venture between two German companies.
MIS established its new build credentials on F&G designed Super M2 offshore jack up drilling rigs of which the company has already delivered four, all contracted and operational. It will shortly deliver its fifth rig, Hull 110 to its client MENAdrill. This contract sees MIS building on that expertise with the construction of the four 447-foot legs for CRIST. The legs will be fabricated at MIS’ yard in Sharjah and are very similar to the F&G JU2000E legs which MIS plans to build in the future.
“This contract is valuable to MIS on two fronts; it sees us entering the wind installation vessel market, an area that MIS has targeted while maintaining its focus on the jack-up drilling rig market, and it marks the start of a new relationship with a well-established European yard,” said Kevin Hudson, MIS Managing Director. “We hope this project is the beginning of a successful, long-term relationship.”
Mr. Karsten Dan Andersen, BELUGA HOCHTIEF Offshore’s Project Director, commented, “We are pleased that this contract has been placed with the MIS Group given their expertise on F&G new build jack-up vessels. With the current delivery date for the jack-up crane vessel set for Q2 2012, the signing of this contract marks a critical milestone to start the project and to have it delivered to meet the big demand in this booming market.”
For more information:
Rana Said, Corporate Communications Director | +9714 4462857 | Mobile: +97150 462 5069 | Rana.Said@mis.ae
MIS Group (Maritime Industrial Services)
Sector: Oil, Gas and Energy | Engineering, Contracting and Industrial Services
The MIS Group is a diversified engineering and contracting group providing a broad range of services to the energy sector. It was established in Dubai, UAE in 1979 and is Panamanian registered. The company has over 31 years of profitable operating history. MIS supports its positioning through several value streams (business lines) including: Fabrication (includes Rig Metals), Refurb, Tech Services, EPC, Sunbelt Safety, New Build.
MIS’ scope of work covers integrated onshore and offshore engineering, procurement, fabrication, maintenance, construction and other services including oil, gas and petrochemical processing equipment, marine, structural and new-build rigs, site installation, construction and commissioning services, technical, operational and safety services. Reported revenue for FY2010 audited results (period ending 31 December 2010) is USD 385.4 million with a net profit of USD 35.7 million. MIS trades on the Oslo Stock Exchange’s main list under the ticker symbol MIS.
Reuters Code: MIS.OL | Bloomberg Code: MIS NO | www.mis.ae