Menadrill is celebrating as the first of two jackup rigs ordered from Sharjah-based Maritime Industrial Services (MIS) nears completion.

The Super M2 jackup rig is now floating and will soon be ready for testing and commissioning, with delivery expected to be completed on September 30th 2010.

Menadrill plans to use the rig in the Arabian Gulf, the Indian sub-continent and South East Asia, and will invest in new training and development initiatives to support these operations.

The rig has been named the Menadrill Hercules I, in recognition of parent company First Energy Bank's completion of a new deal with specialist drilling contractor Hercules Offshore Arabia to strengthen operations in the Gulf region.

John Rynd, chief executive officer and president of Hercules Offshore, said the new management agreement was a testament to the strength showed by both companies during one of the most difficult years the industry has seen.

Menadrill was founded in July 2008 and is headquartered in Dubai.

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