MIS Reports Continued On-Time Progress on New-Build

Maritime Industrial Services reported the achievement of a further milestone on the second offshore jackup rig being built in its Sharjah yard, with the installation yesterday of the main power generators on Hull 105, in accordance with the agreed delivery schedule. This follows the installation of the first round of leg sections and spud cans into the hull, both events putting Hull 105 well on target for delivery in December 2008.

The recently named SeaWolf Oritsetimeyin (Hull 104), the first offshore jack up drilling rig built in the Middle East, is also seeing work continue on schedule. The port-side living quarters, crane and lifeboat davit will be installed on the hull this month, while work continues on building the final leg sections. The loadmaster derrick, along with the associated drilling equipment, will be installed on the drill floor in preparation for skidding the drilling package onto the rig in May 2008.

Both rigs, originally contracted to MIS by Norwegian Mosvold Jackup Ltd. in 2006, are now being built for SeaWolf Oilfield Services Limited, a Nigerian drilling company in a contract worth US$254mn. The rigs are a Friede and Goldman Super Mod 2 design with 30,000 foot rated drilling depth and an operating water depth capability of 300 feet (92 meters).

The keel has already been laid for the third rig being built, Hull 107, which is benefiting from MIS's increased expertise in the New Build area. Hull 107 was contracted by KSAM2Petrodrill Offshore, led by Singapore-based KS Energy Services Ltd. in August 2007 and is now on schedule for completion in Q4 2009 ahead of its original contract schedule date of February 2010.

MIS, with its 200,000 m2 yard space capacity in Sharjah, has used the capacity-shortage in traditional New Build yards in Singapore, China and the US Gulf Coast to position itself amongst the world's most efficient builders of jack-ups. This places MIS as the first yard in the Middle East to join the ranks of the world's New Build yards for major offshore jack-up drilling rigs and is in line with MIS`s corporate strategy of managing a diverse and balanced business portfolio: focusing on the New Build business line while maintaining its core strengths in traditional business.

"Maritime Industrial Services is very pleased with the level of progress on the New Build projects as this further strengthens our position as the offshore jack-up rig yard of choice in the Middle East," said Jerry Smith, Managing Director of MIS.

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