MIS Reports No Material Damage from Major Fire in Sharjah Port

MIS reported that the major fire which destroyed the facilities of Emirates Lube Oil Company in Sharjah Port caused no damage to its main shipyard and fabrication facilities.

Due to the fire the Sharjah Civil Defense had cut all power and restricted access to the port since the start of the fire on Friday night (17th August). After extinguishing the fire the Civil Defense has restored the power and access to unaffected areas and MIS resumed normal operations on the night shift of Sunday, August 19th. The two days of shutdown of operations is not expected to have any effect on the ongoing rig contracts and any other projects of MIS.

MIS is a Panamanian registered company with its major fabrication base and shipyard in Sharjah, UAE and has approximately 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 jackup drilling rigs, site installation, construction, commissioning and shipyard services, professional, technical, operational and safety services. 2005 revenue was US $108.8 million with net profit of US $9.6 million. Audited 2006 revenue is US $177.4 million with net profit of US $19.3 million.