May 27, 2014 - Eversendai Offshore has been awarded contracts for the construction of 2 units of GustoMSC NG-2500X Jack-up at a combined value of US$180 million from Vahana Offshore (S) Pte. Ltd. ("Vahana").

The contracts are for the Engineering, Procurement, Construction (EPC) and delivery of 2 units of fully equipped Jack-Ups, Aryan and Arjun, in February and May 2016 respectively. Both units will be executed at Eversendai Offshore's Fabrication Yard on a waterfront land measuring approximately 200,000 square metres with 550 metres of quayside in RAK Maritime City, Ras Al Khaimah in the United Arab Emirates.

Eversendai Offshore has a team of qualified and experienced personnel with vast expertise in the Oil & Gas offshore and marine fabrication industry. With its finest selection of credible and capable individuals, Eversendai Offshore is confident of its ability to execute its maiden marine project by subscribing to Eversendai's core values of safety, quality, on-time delivery and within the target costs.

Each unit will consist of a rectangular hull and four 95 metre truss type legs: each with an electric driven rack and pinion jacking system, which will allow the unit to jack up in water depths of up to maximum of 70 metres. The liftboat's primary operating capabilities will include a 300 tonnes crane, accommodation for a minimum of 150 personnel and is propelled by its own thrusters to a speed of 5 knots and Dynamic Positioning (DP-2).

Eversendai Group's foray into the oil & gas offshore and marine sectors through Eversendai Offshore will see us actively partake in the Engineering, Procurement and Construction (EPC) of jack-up rigs, new build construction for the offshore oil & gas sector including Floating Production, Storage and Offloading (FPSO) systems and other offshore modular structures as well as oilfield engineering services such as the upgrade, refurbishment and new build of land rigs.

The Group views the award of these contracts, which is strongly interlinked to our core business, as a leap forward as we continually seek opportunities to globally expand our operations. Tan Sri A K Nathan, Executive Chairman and Group Managing Director of Eversendai Group said, "This is a breakthrough contract for Eversendai, which one will see us provide our proven skills in a brand new sector. This contract is particularly exciting to us as it supports our strategic decision to establish our offshore oil & gas and marine operations and is in line with our strategy to strengthen our foothold in the Middle East, where we have enjoyed a dominant market share in terms of business opportunities. With our tagline, 'Towering - Powering - Energising - Innovating'; Eversendai is continuously looking at delving into new opportunities in inter-related industries whilst maintaining our commendable performance and track record".