Press Release

March 23, 2010

MIS-Built "KS ENDEAVOR" Accepted for Delivery

UAE-based Maritime Industrial Services Co. Ltd. Inc. (OSE: MIS) confirms that it has received acceptance of delivery from its client, KSAM2 Petrodrill Offshore Inc, for the delivery of the jack-up rig “KS Endeavor” (Hull 107), thus completing this final significant milestone within its scheduled contract delivery date.

KSAM 2 Petrodrill Offshore Inc. is a joint venture company led by Singapore-based KS Energy Services Ltd., Saudi-based Amwal Al Khaleej and MIS.

The “KS Endeavor”, a Friede & Goldman Super M2 design, is MIS’ third new build offshore jack up drilling rig to be delivered and as such has benefited from the learning curve on the first two SeaWolf rigs. “The experience we gained on Hulls 104 and 105 helped MIS in the final stages of the KS Endeavor’s progress, although we faced a few challenges during the process. Today, we are pleased with this achievement and the delivery of the rig on schedule,” commented MIS Group Managing Director Kevin Hudson.