MENAdrill to buy new oil rigs
- Bahrain: Thursday, September 25 - 2008 at 07:53
MENAdrill, an oil and gas drilling services company launched by Bahrain-based First Energy Bank this year, plans to spend $1bn on new rig orders in the next few months, reported Gulf News. Ramzi Al Suwaidi, First Energy Bank's head of investments, said the contracts are likely to be signed within three months and will include a deep-sea drilling ship and an onshore drilling rig. In its first investment, the bank has signed a $400m agreement for two offshore jack-up drilling rigs to be constructed at the Maritime Industrial Services Company yard in Sharjah.
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