Bahrain: MIC Secures Cash for MENAdrill I Financing

During signing the 3 year $130m limited recourse islamic financing between MENAdrill Investment Company and Gulf International Bank.

MENAdrill Investment Company ‘MIC’, incorporated in Cayman Islands and principally promoted by First Energy Bank ‘FEB’ (headquartered in Bahrain) has signed a 3 year $130m limited recourse islamic financing with Gulf International Bank B.S.C. ‘GIB’ as the Mandated Lead Arranger and Investment Agent for this Murabaha Facility to part finance its first rig namely ‘MENAdrill I’ which has been in operation in the Gulf of Mexico since May 2011.

GIB and FEB are jointly participating in this financing. MIC took delivery of its first rig MENAdrill I in November 2010 from Maritime Industrial Services ‘MIS’ yard in Sharjah, U.A.E. and the rig was subsequently mobilized to Mexico for operating under a contract with PEMEX, the national oil and gas company for the Government of Mexico.

MENAdrill I is a mobile, offshore self elevating Friede and Goldman designed Super M2 Jack-Up rig with capability to operate in a water depth of up to 300ft and with rated drilling depth of up to 30,000 ft.

The construction of the second rig namely ‘MENAdrill II’ has similar technical specifications as MENAdrill I and was successfully constructed with the rig delivered by MIS in March 2011. During the last 3 years since inception, MIC has passed through an extremely challenging global economic environment. Despite these turbulent market conditions, MIC has emerged successfully.

“MENAdrill I is successfully operating and we have signed a charter contract for MENAdrill II which has already been mobilized to Mexico and is expected to commence operations by next month in the Gulf of Mexico under a contract with PEMEX” stated Mr. Mohamed Ghanem, Acting CEO of First Energy Bank (BSC) and Chairman of MIC.

“The rigs are designed to high specifications and stringent quality control. We believe there is high demand for our rigs regionally and globally and the rigs can operate in drilling and workover assignments” said Ramzi Al-Sewaidi, Head of Investment Banking at First Energy Bank (BSC).

AMEinfo, March 8, 2012