Drydocks World capitalizes on Expo 2020 win, signs LOI to build world\'s largest Jack-Up Rigs

Drydocks World today signed a Letter of Intent (LOI) with Offshore Innovation Management Ltd., to build a series of AJ 62-X135 series of multi-purpose (accommodation '&' construction) Jack-Up rigs. The projects will commence in 2014 and the first rig is expected to be delivered in 2016. Khamis Juma Buamim, Chairman Drydocks World and Maritime World has said, "This is an extension on winning "Expo 2020". Congratulations to our leadership on achieving this landmark event which is bound to have a significant impact and will substantially boost returns for the economy of the UAE. "We are delighted to have signed this LOI to construct these high performance rigs which can provide a broad range of services including the provision of accommodation and construction services, heavy lift support for hook-up and commissioning activities during installation of new topsides or in the installation of subsea structures. "We have considerable experience in catering to the specialized requirements and exacting quality standards of the offshore oil and gas industry and have made deep and meaningful inroads into these rapidly evolving sectors in recent months. This is in line with our business strategy to target this market segment aggressively with added value services. " Oddgeir Indrestrand, Founder and Chief Executive Officer, Offshore Innovation Management Ltd said, "Let me first congratulate Dubai and its leaders on winning "EXPO2020", that will put substantial positive impact on the UAE economy. At the time of such a momentous occasion, we are very excited to start this journey in partnership with Drydocks World. Their success will be our success. Their proven track record for quality and efficiency in delivery has led us to reach this noteworthy milestone. We have close and personal interactions with the top management of Drydocks World and their drive to professionalism, excellence, transformation and innovation is one that we share. This common objective is something that we are grateful for as this ensures a long and fruitful relationship between our two organizations." The 86m X 95m AJ 62-X 135, standing a towering 185m in height and weighing 26,000 tonnes is a three legged jack up rig which will provide accommodation and facilities according to NORSOK European Standards for between 208 and 490 people in single cabins depending on rig configuration. The rig which can operate in waters upto 135m with a 25m air gap will have a 100 percent up-time in any weather conditions unlike semi-submersible accommodation and construction rigs. The rig will also be equipped with a 3000 ton Huismann crane for offshore heavy lifts; a large free working deck will full crane coverage, a heli-deck for use by AW 101 helicopters and a full helicopter crew of 21 and safety equipment for all personnel onboard.