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Egypt firm to build two vessels in China

Cairo, June 21, 2010

Egypt's Maridive and Oil Services said on Monday it won contracts to build two vessels in a Chinese shipyard and had cancelled two jobs in India.

The oil services firm, the biggest in the Middle East by fleet size, said in a statement it had cancelled contracts to build two vessels in India's ABG Shipyard, without providing further details.

The firm did not specify the financial details of the China deal.   

Oil services companies have been hit hard by the global financial crisis, which prompted oil and gas producers to slash spending, although some services companies have recently begun to see new orders.   

Maridive also said it would raise capital in its 75-percent owned subsidiary Valentine by $10 million. Shares in Maridive lost 0.5 percent by 0838 GMT, while Egypt's benchmark index gained 1.1 percent.   

Maridive's first quarter net profit fell more than one third on sluggish oil industry activity to $15.4 million compared with $23.4 million in the same period last year.

The firm, which serves Total, Royal Dutch Shell, BP, Saudi Aramco, Qatargas, Kuwait Oil Company and other oil giants, owns over 60 marine units and has contracted to receive about six vessels and one barge by 2012. - Reuters




Tags: Egypt | oil services | Maridive |

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