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Dubai: Bahrain-based First Energy Bank has announced the formation of a new $3 billion offshore drilling and services company, MENAdrill.
Launched with strategic partners Gulf Finance House and ADWOC (Arab Drilling and Workover Company) and strategic and technical advisors PFC Energy International and Noble Denton, MENAdrill plans to be one of the largest companies of its kind in the Middle East, Asia and North Africa.
It is designed to capitalise on the ever-increasing hydrocarbon prices and the resulting robust demand for oil and gas drilling services.
MENAdrill will focus on offshore exploration and development drilling in the GCC, North Africa and southeast Asia.
The company aims to have over 20 rigs operating within three to five years and is in the process of acquiring a leading drilling company with a number of rigs already working in the region and others under construction.
MENAdrill's diversified drilling portfolio will include jackup and semisubmersible rigs capable of drilling in shallow, medium and deep water as well as land rigs and it will also provide project management services.
Good opportunity
"With the oil prices regularly setting records and reserves steadily decreasing, we saw a first class opportunity for a new company to bring together the skills, know-how and investment required to drive the industry in the region and set a new benchmark in drilling operations. By penetrating this high entry barrier industry with its high margins, MENAdrill will be able to deliver outstanding returns to its investors," said Esam Janahi, chairman of First Energy Bank.
The lead financial advisor is First Energy Bank. Launched in 2008 with an initial paid-up capital of $1 billion, First Energy Bank focuses on key sectors of the energy industry, from oil and gas to power, offering Sharia-compliant investment solutions backed by professional standards of the highest order.
MENAdrill's technical partner is Noble Denton, a company with in-depth experience and capability in marine consultancy and ocean engineering services to the offshore energy industry.
In the Middle East, Noble Denton specialises in offshore activities from detailed engineering design to offshore construction activities to specialist marine operations such as rig moving.
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