MIS Shipyard to Build Two Jackups for Mosvold Jackup Ltd.

Maritime Industrial Services Co. Ltd. Inc. (MIS) signed a contract with Mosvold Jackup Ltd., a Cayman Offshore Company with Norwegian based initiators, to build two Friede & Goldman designed Super M2 jackups at MIS yard in Sharjah, United Arab Emirates, with options to build a further two units in the future.

The award is the culmination of a series of meetings, presentations and discussions with many different international companies all interested in filling the vacant slots in the worldwide jackup drilling market.

As the conventional new build yards of Singapore, China and US Gulf Coast have filled their order books and reached capacity the focus has turned on the newcomers as yard space worldwide is now at a premium, and MIS, with their 200,000 square meter capacity yard in Sharjah are well placed to join the ranks of the world's new build yards.

The Company is now rapidly gearing up to take on this new venture which will see the delivery of the completed units in June and October of 2008.

The Super M2 design is an enhanced version of the tried and tested L780 Mod 11, of which 35 units were built and are currently operating world wide.

The rigs will be ABS-classed and will be suitable for operations in all non-harsh environment areas of the world and have a water depth capability of 300’ and a cantilever outreach of 50’and 15’ on the transverse, and as such the units are perfectly suited to the Middle East, Indian & Egyptian Suez markets.

Maritime Industrial Services have been established in the region for 27 years and is a market leader in oil & gas engineering and fabrication.

The Company, whose Corporate Offices are in Jebel Ali Free Zone Oilfield Supply Base, will build the jackups at their 200,000 square meter dockside facility inside Sharjah Port Khalid.

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