Friday, 26 December 2008

Maridive and Oil Services

Maridive has begun work on the the EPC contract with Aramco Saudi Arabia to develop the Manifa oil fields (a US$400 million deal). Although the Egyptian economic environment is not great and oil price weak, the company claims the offshore support market is still healthy and that demand of offshore support services is supported by short supply. Indeed, the 3 new AHTS support vessels it bought were instantly hired to new clients at daily charter rates!

One to watch when oil prices recover...

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