Dubai-based shipyard Maritime Industrial Services Co. Ltd. will “design and build” a $365-million rig duo for MENAdrill, the drilling contractor venture that cost First Energy Bank in Bahrain $3 billion to build up.

The Friede and Goldman Super M2 jack-up designs will be fast-tracked into service by December 2010, or ahead of an expected rig “glut” in 2011. The two jack-ups will be good for drilling in up to 300 feet of water and down to 30,000 feet drilling depth.

MENAdrill of Bahrain will focus on drilling in the Middle East, Asia and North Africa, a statement said.

Partners in MENAdrill include Gulf Finance House, PFC Energy and Noble Denton.

The order gives MIS yard a $1 billion order backlog.

“We expect this strong interest in our new-build programme to continue over the next few years in line with the increase in demand for production in the region,” a statement said.

Another statement cited “very rare slots for rig construction” which made the buying of jack-ups “of excellent value”.