MIS was awarded rig refurbishment contract of Arabian Drilling's AD-8 rig without tender. The first part which is the supply and replacement installation of corroded leg sections is valued at $ 4.3 million. The project is scheduled to start this month and be completed within June 2007.

More works are soon to be finalised after the rig inspection. The contract value and scope for this work will be agreed following the survey.

“The rig refurbishment market is very strong this year due to the large amount of rigs in the area that are 25 to 30 years old,” Jerry Smith, MIS Managing Director said. “MIS believes that the rig refurbishment market will remain strong for several years due to the increase in drilling activity.

“We believe that the drilling activity will continue to increase as the big producers in the Gulf and India will continue to increase their drilling programmes without being affected from the rise or fall in crude oil prices.”