SOURCE: King & Spalding

August 04, 2008 09:36 ET

King & Spalding Advises Swicorp Joussour Company on Drilling Rig Investment in the Middle East

DUBAI, UNITED ARAB EMIRATES--(Marketwire - August 4, 2008) - King & Spalding, a leading international law firm, announced today that it advised Swicorp Joussour Company, a Saudi joint stock company managed by Swicorp, in its acquisition of a majority interest in Mosvold Middle East Jackup Ltd., a Cayman Island company that will own jack-up oil drilling rigs for operation in the Middle East. Middle East Jackup was established by Mosvold Shipping Holding Ltd., an industrial and financial company based in Cyprus. The equity financing for Middle East Jackup was arranged by Pareto Securities AS of Norway. Both Mosvold and Pareto have also invested in Middle East Jackup. The purchase price was not disclosed.

Middle East Jackup has contracts with Maritime Industrial Services (MIS) for the construction of two Super M2 F&G jack-up rigs, which are under construction at the MIS fabrication base and shipyard in Sharjah, UAE, and an option to acquire two additional rigs from MIS. An affiliate of Mosvold will supervise construction. Delivery of the rigs is expected to be in December of 2009 and March of 2010.

A jack-up drilling rig is a combination oil drilling rig and barge generally used for drilling in shallower waters. The self-contained rig is fitted with three or four long support legs that can be raised and lowered independently of each other. When the rig is towed to its location, its legs are lowered, which raises the working platform above the water level.

Swicorp is one of the leading players in the private equity sector in the Middle East and North Africa, with aggregate commitments to its three private equity vehicles of approximately US$1.4 billion. Swicorp Joussour Company, Swicorp's largest private equity vehicle, focuses on petrochemicals, energy-intensive industries, gas and oil, and infrastructure.

King & Spalding attorneys involved in the transaction were partner Benjamin Newland in Dubai, counsel Angus McFadden in Abu Dhabi and counsel Maria Vargas in Houston.

About King & Spalding

King & Spalding is an international law firm with more than 800 lawyers in Abu Dhabi, Atlanta, Austin, Charlotte, Dubai, Frankfurt, Houston, London, New York, Riyadh (affiliated office), San Francisco, Silicon Valley and Washington, D.C. The firm represents half of the Fortune 100 and in a Corporate Counsel survey in September 2007 was among the top firms representing Fortune 250 companies. For additional information, visit www.kslaw.com.

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