UAE-based Maritime Industrial Services Co. Ltd. Inc. (OSE: MIS) today confirms that it has received the full and final agreed settlement payment amount from its client, SeaWolf Oilfield Services of Nigeria, for the completion of SeaWolf Oritsetimeyin (Hull 104).

The Oritsetimeyin was delivered and accepted in February 2009. The Oritsetimeyin is the first offshore jack-up drilling rig to be built in the Middle East and MIS has six other rigs currently under fabrication at its Sharjah, UAE yard.

“MIS is pleased to see the final amount settled as it marks the full completion cycle of our first jack-up rig built on MIS’ yard. This is indeed a great moment for MIS and the industry at large”, commented MIS Group CEO Kevin Hudson. “MIS will now focus its efforts on quickly integrating the learning into the subsequent rigs under construction.”

Maritime Industrial Services Co. Ltd. Inc. (MIS)
Rana Said, Corporate Communications Director
Tel: +9716 5285345 ext. 723
E-mail: rana@mis.ae