Managing Director of Egypt's Maridive & Oil Services, Issa Eleish announced that the company is planning to spend $200 million to expand its fleet of vessels and take advantage of the rise in oilfield services demand.

Maridive & Oil Services, the biggest in the Middle East by fleet size, is seeking a $220 million oil exploration and production license in Cameroon.

"This is the best time to invest in new equipment and marine units, because costs are now low due to recession," said Eleish.

Maridive, which serves Total, Royal Dutch Shell Plc, BP Plc, Saudi Aramco, Qatargas, Kuwait Oil Company and other oil owns over 60 marine units.

Maridive signed deals to receive about six vessels and one barge by 2012.

"My plan is to build three to four vessels and another barge to be delivered around 2013-2014" Eleish added.