UAE based Oil & Gas Fabrication Specialists Maritime Industrial Services Co. Ltd. Inc. (OSE: MIS) has announced the formal signing today of an agreement to acquire 100% ownership of Dubai-based 3C Metal International LLC (3CMI), a company specialized in engineering services and steel fabrication of oilfield-related equipment and refurbishment, rig-up and modifications of land drilling rigs.

The move is in line with MIS’ dual strategy for growth both organically and through strategic acquisitions. The acquisition of 3CMI is part of MIS’ strategic expansion plans and follows an intensive period of discussions with the management of 3CMI. Based in Dubai Investment Park, 3CMI was identified as an ideal partner to MIS for the synergies it offers both in terms of resources and business activities, benefiting both companies.

3CMI occupies a 30,000 m² yard in Dubai Investment Park including a 2000 m² fabrication shop which will further complement MIS’ existing 200,000 m² yard in Sharjah, in addition to having a well managed operation and skilled engineering group and workforce which will support MIS’ existing business activities, 3CMI’s strengths in land rig refurbishment and high pressure piping fabrication will dovetail with MIS’ business activities. 3CMI, will, in turn, gain considerable access to MIS’ systems and expertise, thereby growing its current position and opening it up to a broader client base and greater geographical coverage.

Speaking at the official signing ceremony, Mr. Jerry Smith, MIS Managing Director said, “MIS is very pleased with this new acquisition that will complement MIS’ development and diversification plans, and bolster our presence in Dubai. We consider this an excellent move to generate additional revenue for MIS and we look forward to integrating the 3CMI group into MIS and supporting the 3CMI activities in an aggressive growth plan.”

Mr. Yannick Damry, General Manager of 3CMI said, “Since its set-up in Dubai in 2004, 3CMI has managed to establish its reputation in the market through its flexible, dynamic and tailormade approach to the business, and we are delighted to become part of such an established strong player in the region. We are looking forward to the growth and development that this provides us and our team.”

MIS currently operates five business lines: Process and Module Fabrication; Newbuild Construction of Offshore Drilling Rigs; EPC and Off-site construction, Rig Refurbishment and Technical and Safety Services.

MIS is a Panamanian registered company with its major fabrication base and shipyard in Sharjah, UAE and has approx. 4,000 employees. The company was founded in 1979 and has 28 years of profitable operating history. MIS provides integrated onshore and offshore engineering, procurement, fabrication, maintenance, construction and shipyard services including oil, gas and petrochemical processing equipment, marine, structural and new-build offshore jack-up drilling rigs, site installation, construction, commissioning and shipyard services, professional, technical, operational and safety services. Reported revenue for interim Q3 results (period ending Sept 30 2007) is USD 217.3 million with net profit of USD 17.9 million.

Maritime Industrial Services Co. Ltd. Inc. (MIS)
Rana Said, Corporate Communications Director
Tel: +9716 5285345 ext. 723
E-mail: rana@mis.ae