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Rig builder catches attention of private equity fund

Rig builder catches attention of private equity fund

Dubai: Feverish activity in the offshore construction sector has caught the attention of the Middle East's first private equity fund, Dubai-based GCC Energy Fund, which  has bought into Maritime Industrial Services' (MIS) $80m private placement. MIS, which is building two rigs for Norwegian company Mosvold Jackup Ltd in a $260m contract, specialises in offshore construction which, it says, will be buoyant for some time. Higher oil prices are proving a catalyst for offshore oil exploration whilst an ageing oil rig fleet and limited shipyard capacity are proving constraints on oil rig supply. Commenting on the deal, GCC Energy Fund chief executive Adil Toubia, said: "the GCC Energy Fund is well-positioned to work as a strategic partner for this highly successful and dynamic group. The depth of our institutional knowledge about the rig business, and the ongoing growth of the fund across different business streams will provide an invaluable resource for MIS."  [16/01/07]

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