Press Release

March 23, 2010

MIS Board elects New Chairman

UAE-based Maritime Industrial Services Co. Ltd. Inc. (OSE: MIS) announced the election of Dr. Karim El Solh as its new Chairman of the Board during MIS’ regular quarterly board meeting held in Dubai yesterday.

Dr. El Solh, who is the Chief Executive Officer and founder of Gulf Capital, MIS’ largest shareholder, has been a board member since 2007. He succeeds Mr. Charles L. (Chuck) Davis who has assumed the responsibility of Chairman since the company was publicly listed in May 2007.

Accepting his election as Chairman, Dr. El Solh thanked the board members and in particular Mr. Davis for his valued role in developing MIS since its establishment in 1979. “Chuck is one of this company’s founding members and has been a major force in its growth and success throughout. I would like to thank him for all his contributions in making MIS a leader in its industry.”

Kevin Hudson, MIS Managing Director, speaking on behalf of the board members, congratulated Dr. El Solh, “We look forward to working together and to seeing this company grow further under Karim’s chairmanship, building on its successes to date.”

This year, MIS celebrated 30 years of profitable operations in the Middle East and the Board had convened to review and discuss the company’s future plans for growth. The new Chairman reiterated his vision for MIS which is hinged on further regional expansion specifically in the key markets of Abu Dhabi and Saudi Arabia as well as further streamlining the company’s six value streams. The Board approved the strategic plan to drive the company’s growth targets of becoming a US$ 1bn company by 2013.