MENADRILL INVESTMENT COMPANY (TRANSFERRED 2018)
MENAdrill is the first and principal investment of FEB, which was incorporated in August 2008 soon after the formation of FEB. Towards the end of the first quarter of 2012, MENAdrill became a subsidiary of FEB. MENAdrill’s assets include two Super M2 jackup drills constructed at the Maritime Industrial Services (MIS) in Sharjah. In May 2011, the first rig “MENAdrill I” successfully commenced drilling in Mexico for PEMEX- Exploración Producción (PEP), the national oil company of Mexico, and MENAdrill II started operation in September 2012 on a similar contract with Pemex. Currently, both the rigs are in Mexico and not operating. Marketing efforts are being made to find contracts to deploy the rigs.
In 2018, MENAdrill was transferred to a Trust, owned by the shareholders, in equal proportion of their ownership in the Bank.