MARITIME INDUSTRIAL SERVICES CO. LTD. INC. (MIS)

Corporate Office 24th Floor, Media One Office, Dubai Media City Tel. +971 4 446 2857 Fax +971 4 449 4043 P.O. Box 11791, Dubai, United Arab Emirates www.miscoltd.com

Sharjah Yard Office Tel. +9716 528 5345 Fax +9716 528 5820 P.O. Box 4596, Sharjah, United Arab Emirates

Authorized Fully Paid up Capital USD 92,547,500 ISIN: PAP644621073

Monday, 15 August 2011

MIS presents its half year results following its acquisition on 13th July, 2011 by Lamprell plc

MIS Co. Ltd. Inc. (OSE: MIS) presents its results for the 2nd Quarter 2011, operating and financial highlights of which are as follows:

Revenue of $54.5 million was 44% down on the same period last year - with only one jack-up rig generating revenue in the quarter (absent the sale of Hull 108) – and 20% down on the previous quarter. Revenue from traditional works was 4% up on last year and 8% on the previous quarter.

Gross profit was reduced by increased losses on the Al Bzoom refurbishment project (see below). Net income was similarly affected, the loss of $6.1 million in the quarter including $500k of costs related to the subsequent sale of the business to Lamprell.

Non New Build backlog up by 29% since year end.

There has been active interest from prospective purchasers of Hull 108, but no sale has yet been concluded.

Net borrowings reduced in the quarter by $4.4 million, from $39.8 million to $35.4 million.

FINANCIAL PERFORMANCE

Consolidated financial statements for the 2nd Quarter 2011 are attached; set out below is a summary of key financial data:

US$ Millions Q1 2011 Q2 2011 Q2 2010 1st Half 2011

1st Half 2010

Revenue New-Build 26.6 9.9 55.2 36.5 106.1

Traditional Works 41.2 44.6 42.9 85.8 84.4Total Revenue 67.8 54.5 98.1 122.3 190.5Gross Profit (before depreciation) 17.1 3.0 20.2 20.1 39.1EBITDA 10.8 -3.4 10.9 7.4 21.4Depreciation & Amortisation 2.6 2.4 2.4 5.0 4.8EBIT 8.2 -5.8 8.5 2.4 16.6Net Income 7.6 -6.1 8.5 1.5 16.3Margin on revenue (%) Gross Profit 25.2% 5.6% 20.6% 16.4% 20.5%EBITDA 15.8% -6.2% 11.1% 6.0% 11.2%Net Profit 11.2% -11.2% 8.7% 1.3% 8.6%

The net loss sustained in the quarter resulted from continuing difficulties on the Al Bzoom refurbishment project, involving delayed completion; the project is expected to be handed over in August. Rig Refurbishment made a negative contribution of $8.9 million in the period.

CASHFLOW AND BORROWINGS

US$ Millions 1st Half 2011 1st Half 2010Net operating cash flow 5.8 5.9Investing activities -25.9 -1.7Financing activities 13.5 -36.3Net (decrease) in cash & cash equivalents -6.6 -32.1

Despite the reduction in operating profits in 2011, tight control of working capital enabled us to maintain an unchanged level of operating cash flow.

The increased outflow related to investing activities results mainly from $23.5 million of construction cost incurred on Hull 108.

Bank borrowings (net of cash) at 30th June 2011 amounted to $35.4 million, $4.4 million less than at the end of the 1st quarter.

BACKLOG

(US$ Millions): Traditional

WorksNew Build Total

At 1 January 2011 82.8 45.7 128.5Additions/Awards 1st Half 2011 109.9 0.2 110.1Recognised 1st Half 2011 -85.8 -36.5 -122.3As at 30 June 2011 106.9 9.4 116.3

Outside New Build, backlog has grown 29% since the beginning of 2011. No new orders have been added in New Build and only the balance of Hull 106 remains. Hull 108 is currently being completed for MIS’ own account.

PROSPECTS AND MARKET OUTLOOK The acquisition of the company by Lamprell plc was completed in July 2011. The MIS business will be absorbed into the Lamprell Group and the focus of the company will be to develop all value streams, including its thriving traditional businesses (see highlights and backlog report above), and to the development of its primary growth targets: EPC and Iraq.

Investor Relations:

Contact Andrew Calvert at andrew.calvert@mis.ae or Rana Said at rana.said@mis.ae for additional information.