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FINANCIAL NEWS
Egypt’s Maridive wins $177m deal from Indian firm
30 Nov 2010
(MENAFN) Egypt’s Maridive and Oil Services said on that it has won a $117 million contract to install offshore oil services for Indian state-run explorer Oil and Natural Gas Corp., Reuters reported.
The biggest oil services firm in the Middle East by fleet size said in a statement it would begin construction on the project in 2011. The project would be completed in the first half of 2012.
Oilfield services companies have been hit hard by the global financial crisis, which prompted oil and gas producers to cut spending, although some services companies have recently begun to see new orders.
Maridive added that it also won several contracts to lease its vessels in north and west Africa with a total value of $33 million.
The new contracts raise Maridive’s backlog of contracts 25 percent to $750 million until 2012.
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