MANAMA: The Bahrain-based First Energy Bank (FEB) has announced the establishment of a new $3 billion offshore drilling and services company called MENAdrill.
The new company, the largest private sector company in this specialized business in the MENA and Asia regions will be headquartered in Bahrain and will have $1 billion equity to be raised through a specialized company and a $2 billion debt component.
The new entity is launched with strategic partners Gulf Finance House (GFH) and Arab Drilling and Workover Company (ADWOC) and strategic and technical advisers PFC Energy International and Noble Denton. Designed to capitalize on ever-increasing hydrocarbon prices and the resulting robust demand for oil and gas drilling services will focus on offshore exploration and development drilling in the Gulf Cooperation Council (GCC), North Africa and South East Asia.
Esam Janahi, chairman of FEB said: “With the oil price regularly reaching record highs and reserves steadily decreasing, we saw a first class opportunity for a new company to bring together the skills, know-how and investments required to drive the industry in the region and set a new benchmark in drilling operations.”
