Press Release

Gulf Capital Pvt. JSC, one of the largest and most active private equity firms in the Middle East, announced the successful floatation of Maritime Industrial Services (“MIS”) on the Oslo Main Bourse in Norway (ticker “MIS”) on May 22nd, 2007. Gulf Capital is the largest shareholder in MIS and will retain an interest of 22.52% following the listing.

The Initial Offering of shares to investors was successfully closed on May 16th, 2007 and priced at NOK30 per share valuing MIS at NOK1.38 billion. Pareto Securities ASA was the lead manager and sole bookrunner of the IPO. The Oslo Bourse is increasingly being recognized as the international hub for oil and gas companies active in the offshore marine sector.

The IPO follows the announcement by MIS that it has registered a 101.6% increase in net profits to US$19.3 million in 2006. The Company is entering 2007 with a record order backlog exceeding US$ 700 million, more than double its backlog at the end of 2006. MIS successfully entered the jack up rig building market in 2006, following a $60 million equity injection made by Gulf Capital and a consortium of regional investors. Following this capital increase, the Company has secured five new contracts for offshore jackup drilling rigs with a value of US$715 million. MIS is firmly established today as the offshore jackup drilling rig builder of choice in the Middle East.

Commenting on the recent IPO, Dr. Karim El Solh, Chief Executive Officer of Gulf Capital, said: “We are delighted about the successful floatation of MIS, the first Gulf company to go public in Norway. This liquidity event is very rewarding for our shareholders as it comes exactly one year to the day after Gulf Capital’s incorporation. Gulf Capital was launched in 2006 with the objective of acquiring substantial stakes in market leaders with strong growth momentum and solid exit potential. With the MIS floatation and other anticipated exits in the year to come, we have proven our ability not only to source but also to grow and exit investments successfully and profitably. Gulf Capital is firmly established today as one of the largest and most dynamic private equity firms in the Middle East.”

Gulf Capital, as the anchor investor in MIS, has provided strategic, financial and operational support to MIS’ senior management. Gulf Capital has an extensive and successful track record of adding value to its portfolio companies through its large team of post acquisition specialists who work alongside senior management to ensure that the portfolio companies reach their full investment potential and growth targets. Gulf Capital also chaired the IPO committee and successfully guided the company through the entire IPO process.

Dr. El Solh concluded: ”As a ‘Partner in Growth’, Gulf Capital’s philosophy is to be a true and active partner with our portfolio companies and to help them reach their full potential. Strong success stories such as our collaboration with MIS is the reason why Gulf Capital is increasingly becoming the preferred investment partner for growing regional companies.”