UAE based Oil & Gas Fabrication Specialists Maritime Industrial Services Co. Ltd. Inc. (OSE: MIS) held the official steel cutting ceremony today, 25th October, for the construction start of MIS’ third “new build” jack up drilling rig.

Hull 107 is another Freide & Goldman Design Super M2 for client KSAM2 Petrodrill Offshore Inc. and has a contract delivery in Q1/2010. Original contract sum is US $ 148 million and has since been increased to US $ 152.- million with the execution of a Contract Variation Order for additional equipment.

The steel cutting ceremony was attended by Client representatives, officials from ABS Middle East and senior MIS management.

MIS will shortly be launching their first “new build rig” , Hull 104, which will be completed and commissioned at the MIS quayside for delivery scheduled in August 2008.

MIS holds a 10% equity stake in KSAM2 Petrodrill Offshore Inc

Photo – KSAM2 Petrodrill Project Manager, Knud B. Jensen , starts the CNC Plate Cutter at the MIS Sharjah Port Facility to kick off the fabrication of Hull 107.

For more information please contact Mr. Jerry M. Smith, Managing Director, at +9714-8837040, Email: jmsmith@mis.ae

MIS is a Panamanian registered company with its major fabrication base and shipyard in Sharjah, UAE and has approx. 3,500 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. 2005 revenue was USD 108.8 mill. with net profit of USD 9.6 mill. Audited revenue is USD 177.4 mill. with net profit of USD 19.3mill.