MIS to Build 2 Jackups for Mosvold

Maritime Industrial Services Co. Ltd. Inc. continues the success in its new-build program with the signing of rig-building contracts worth US$335 million for the detail design and construction of two offshore jackup drilling rigs for Mosvold Middle East Jackup (MEJU). Each contract contains provision for a further Option exercisable in 2008.

With this award, MIS is now positioned with a mid-2008 confirmed order backlog of US$480 million, an increase of US$110 million on its firm backlog at this time last year, excluding the two Orion rigs subsequently deleted from backlog. The two firm rigs (Hull 106 and Hull 108), will be supplied by MIS on a turnkey basis and will be designed and built at MIS' 200,000 m2 shipyard in Sharjah, UAE.

With construction well under way on the first of the two new rigs, Hull 106, MIS was able to offer MEJU an attractive and competitive delivery schedule with contract delivery in December 2009 and March 2010, respectively.

MEJU, established and registered in the Cayman Islands by Mosvold Shipping Holding Ltd., is a single purpose company owning jackup drilling rigs to be operated in the Middle East. MIS holds 8.7% of equity in MEJU. The relationship between MIS and the Norwegian Mosvold shipping family dates back several years: in 2006, Mosvold Jackup signed a contract with MIS for the supply and construction of two F&G Super M2 offshore jackup drilling rigs, Hulls 104 and 105, the first ever to be built in the Middle East and now nearing completion at MIS' quayside. Both these rigs, subsequently sold to SeaWolf Oilfields, are set for delivery in 3rd and 4th quarters of 2008, respectively.

"Our strong relationship with MIS continues with this new contract. With their reputation as a professional yard and their performance on the first two rigs, our decision to build at MIS was made easier," said Roy Mosvold, Chairman of MEJU. "The Middle East is the fastest growing jackup market and we look forward to further developing our relationship with MIS as together we address the demand for more new rigs in this

According to Jerry Smith, MIS Managing Director, MIS has seen an increased interest in the company’s new-build program which he attributes to the increase in demand for production in the region. "We are very pleased to receive this repeat order from Mosvold and we see it as an important one to further cement MIS' position as the offshore jackup rig builder of choice in the Middle East," said Smith. "We expect the interest in our newbuild program to continue over the next few years and we are continually looking for opportunities to expand our yard facilities by seeking out ideal locations in the UAE."

The two rigs, Hulls 106 and 108, are a Friede and Goldman (F&G) Super Mod 2 design with 30,000 foot rated drilling depth and an operating water depth capability of 300 feet, ideal for offshore drilling in the Middle East region where the average water depth is 115 feet (35 meters) and with accommodation for 110 people on each rig.

With this contract, MIS now has five offshore jackup drilling rigs under construction in its new-build program. Hull 107, contracted to KSAM2Petrodrill Offshore, led by Singapore-based KS Energy Services Ltd. is scheduled for delivery in Q4, 2009, ahead of its original schedule delivery date of Q1, 2010.

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