Asry's rig division eyes opportunities
Manama, July 28, 2014
Ship and rig repair yard Asry's offshore rig repair division is preparing for a possible market surge, chief executive Nils Kristian Berge has said.
He highlighted the division's recent track record, particularly last year, which at times witnessed nearly full capacity, said a report in the Gulf Daily News (GDN), our sister publication.
"Looking ahead, the Middle East rig market in the next five years looks likely to be strong as timing of surveys, deadlines for upgrades, and evolving opportunities all align for a potentially busy time ahead," Berge said.
He added that in total last year, 17 rigs underwent repair operations and contributed 42 per cent of the total income and highlighted the fact that marine operations contribute significantly in the overall performance of the company.
According to Berge, a target this year is to build up on the certificates of accreditation that the company has received, including the American Petroleum Institute's API Spec Q1, which will pave the way for other accreditations from the API.
Asry expects to receive other recognition certificates of improved quality, with particular emphasis on onshore drilling rigs, which will help it acquire a larger share in the market.
The yard aims not only to retain its current customers but also to attract new clients and encourage them to maintain partnership with the regional leading dry dock.
Reiterating that the second half of last year also witnessed the company focusing more on the Saudi Arabian market by opening a representative office in Al Khobar, the chief executive said this would help Asry further penetrate the Saudi market by having a local presence to allow easier and quicker access.
Berge said three interesting trends could be discerned last year.
The first was that the offshore market continued to improve and this was indicated by the ongoing unstacking of rigs.
In the past three years, Asry had gone from stacking 12 jack-ups to now only having two.
Each unstacked rig was now in service, with several of them being converted or maintained by Asry itself.
The second trend was an expansion into regions beyond the Middle East, with a particular highlight being a breakthrough in the Indian market, with two major repair jobs coming from the Sub-continent - Victory Driller and Deepsea Treasure.
The third trend was the reinforcement of relationship with long-term clients.
"Asry is synonymous with long-term relationships and has built its 36-year history on repeat business, but dynamically to keep abreast of changing demands of customers," he added.
Highlights for the year included the completion of two significantly larger repair scopes.
The first was on EDC Senusret, owned by Egyptian Drilling Company - it was the second largest project of the year and required a special survey, five-year ABS inspection works, black box accommodation, and upgrades to meet all Saudi Aramco's requirements.
Another highlight was Victory Driller, the largest project of last year, which involved the reactivation of the rig from cold stack to operational standards of India's Oil and Natural Gas Corporation, upgrading of accommodation and helideck, as well as overhauling of the drilling equipment, main engine, deck cranes, jacking system, BOT stack and more.
Last year, the company also succeeded in winning more business in Saudi Arabia.
The last quarter witnessed the beginning of a project to overhaul fibre-optic networks on multiple rigs of a major Saudi-based operator.
Going forward, the key area for the growth strategy in this market is land rigs, whose size and scale is the ideal next step for Asry offshore expertise expansion, Berge said. - TradeArabia News Service