MIS Wins New Contracts for Sour Gas Services

MIS has been awarded three contracts—from Saipem, Statoil, and National Iranian Drilling Co. (NIDC)-- for its Sunbelt H2S and Safety Services Group.

The contract for Saipem is for H2S protection services on Saipem's pipelay barge Castoro II, which will be working in the Red Sea offshore Egypt. The duration of this dayrate contract will be approximately 6 months and estimated value is $1 million.

MIS will provide Statoil H2S protection services on the Barge Saff 400 during the installation and hookup activities in the Iranian South Pars field development phases 6, 7 and 8. The duration of this dayrate contract is approximately one year and estimated value of $500,000.

The NIDC contract entails providing H2S services for two rigs which will be drilling on the South Pars development phases 9 & 10. The duration of this dayrate contract is for 3 years and anticipated revenue of $1 million.

The Sunbelt H2S and Safety Services Group of MIS specializes in H2S and safety services and trading in complimentary safety products as an area distributor. Sunbelt is supplying these services and products over a wide geographical area including Africa, Middle East and Caspian Sea. Sunbelt is a growing group of MIS and the majority of its contracts are performed at daily rates over a long term contract period.

H2S Services entail installing fixed and portable breathing air systems along with fixed and portable H2S Detection/Alarm systems in potential IDLH (Immediate Danger to Life or Health) atmospheres.

Along with these systems, qualified H2S Safety Consultants are provided for installation, maintenance and ongoing calibrations to insure these systems are in proper operating order. The Safety Consultants also provide Personnel with training to insure thorough familiarization with the equipment and how to work safely in a poisonous gas environment.

Philip Smith, Sunbelt Group Vice President stated, "At Sunbelt we are trying to expand our services through organic and geographical growth with existing and new clients. In 2006 Sunbelt exceeded its target growth of twenty percent year over year. Sunbelt is also interested in growth through acquisition to achieve this expansion along with securing additional personnel and equipment resources. Currently, we have main bases of operation in Dubai, UAE and Aksai, Kazakhstan with sales and project offices in Qatar. In 2007 we are looking to establish an operating base in the Suez Free Zone in Egypt and Atyrau, Kazakhstan."

MIS is a Panamanian registered company with its major fabrication base and shipyard in Sharjah, UAE and has approx. 3,000 employees. The company was founded in 1979 and has 27 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 jackup drilling rigs, site installation, construction, commissioning and shipyard services, professional, technical, operational and safety services.

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