Contact Information: Contact: Matt Hyams King & Spalding Ph. 212.827.4057
King & Spalding Advises Swicorp Joussour Company on Drilling Rig Investment in the Middle East
| Source: King & Spalding
DUBAI, UNITED ARAB EMIRATES--(Marketwire - August 4, 2008) - King & Spalding, a leading
international law firm, announced today that it advised Swicorp Joussour
Company, a Saudi joint stock company managed by Swicorp, in its acquisition
of a majority interest in Mosvold Middle East Jackup Ltd., a Cayman Island
company that will own jack-up oil drilling rigs for operation in the Middle
East. Middle East Jackup was established by Mosvold Shipping Holding Ltd.,
an industrial and financial company based in Cyprus. The equity financing
for Middle East Jackup was arranged by Pareto Securities AS of Norway. Both
Mosvold and Pareto have also invested in Middle East Jackup. The purchase
price was not disclosed.
Middle East Jackup has contracts with Maritime Industrial Services (MIS)
for the construction of two Super M2 F&G jack-up rigs, which are under
construction at the MIS fabrication base and shipyard in Sharjah, UAE, and
an option to acquire two additional rigs from MIS. An affiliate of Mosvold
will supervise construction. Delivery of the rigs is expected to be in
December of 2009 and March of 2010.
A jack-up drilling rig is a combination oil drilling rig and barge
generally used for drilling in shallower waters. The self-contained rig is
fitted with three or four long support legs that can be raised and lowered
independently of each other. When the rig is towed to its location, its
legs are lowered, which raises the working platform above the water level.
Swicorp is one of the leading players in the private equity sector in the
Middle East and North Africa, with aggregate commitments to its three
private equity vehicles of approximately US$1.4 billion. Swicorp Joussour
Company, Swicorp's largest private equity vehicle, focuses on
petrochemicals, energy-intensive industries, gas and oil, and
infrastructure.
King & Spalding attorneys involved in the transaction were partner Benjamin
Newland in Dubai, counsel Angus McFadden in Abu Dhabi and counsel Maria
Vargas in Houston.
About King & Spalding
King & Spalding is an international law firm with more than 800 lawyers in
Abu Dhabi, Atlanta, Austin, Charlotte, Dubai, Frankfurt, Houston, London,
New York, Riyadh (affiliated office), San Francisco, Silicon Valley and
Washington, D.C. The firm represents half of the Fortune 100 and in a
Corporate Counsel survey in September 2007 was among the top firms
representing Fortune 250 companies. For additional information, visit
www.kslaw.com.