Egypt-based firm to build two vessels in China

22 Jun 2010

(MENAFN) A statement released by Maridive and Oil Services said that the Egypt-based company has won contracts to build two vessels in a Chinese shipyard and had cancelled two jobs in India, Reuters reported.

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.

Maridive also said it would raise capital in its 75-percent owned subsidiary Valentine by $10 million.

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.

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