Bahrain-based First Energy Bank has announced the formation of a new $3 billion offshore drilling and services company, MENAdrill. 

Launched with strategic partners Gulf Finance House and Adwoc and strategic and technical advisors PFC Energy International and Noble Denton, MENAdrill plans to be one of the largest companies of its kind in the Middle East, Asia and North Africa and is designed to capitalise on ever-increasing hydrocarbon prices and the resulting robust demand for oil and gas drilling services.

Headquartered in Bahrain, MENAdrill will focus on offshore exploration and development drilling in the GCC, North Africa and South East Asia.  The company aims to have over 20 rigs operating within three to five years and is in the process of acquiring a leading drilling company with a number of rigs already working in the region and others under construction, said officials.

MENAdrill's diversified drilling portfolio will include jackup and semisubmersible rigs capable of drilling in shallow, medium and deep water as well as land rigs and it will also provide project management services.

Esam Janahi, chairman of First Energy Bank, 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.  By penetrating this high entry barrier industry with its high margins, MENAdrill will be able to deliver outstanding returns to its investors.'

“The largest European and South American reserves are offshore. In the Middle East, Africa and Asia, offshore reserves are not fully explored.  MENAdrill is positioned to capitalise on the heavy global investment in finding and delivering new resources and has set the cornerstone for a leading off-shore drilling regional operator,” noted Janahi.

The lead financial advisor for the company is First Energy Bank. Launched in 2008 with an initial paid-up capital of $1 billion, First Energy Bank focuses on key sectors of the energy industry, from oil and gas to power, offering Sharia-compliant investment solutions backed by professional standards of the highest order.

Gulf Finance House (GFH), based in Bahrain, is a rapidly expanding Islamic bank.

PFC Energy International, based in Lausanne, Switzerland, is part of the worldwide PFC Energy group, which has been a trusted advisor to energy companies, governments and other organizations across the globe for over 20 years, providing insights and solutions that help clients make successful decisions. 

“By harnessing the substantial private capital resources of producing regions to invest in global energy infrastructure First Energy Bank will make a valuable contribution toward increasing global capacity,” said Raoul Leblanc, Senior Director of PFC Energy International.  “PFC Energy International looks forward to using our wide experience of the global exploration and production and oil service industries to provide strategic advice to the MENAdrill project.”

MENAdrill's technical partner is Noble Denton, a company with in-depth experience and capability in marine consultancy and ocean engineering services to the offshore energy industry.

Adwoc (Arab Drilling and Workover Company) is a leading oil and gas onshore drilling and workover company with operations in North Africa. The company owns and operates a highly mobile fleet of nine drilling and five workover rigs. -TradeArabia News Service