CAIRO, Egypt – August 3, 2009 – Maridive and Oil Service SAE announces that is has received “Maridive 515”, a 5200 hp Anchor Handling Tug vessel on Friday July 31, 2009. This vessel is equipped with the latest in marine technology and includes advanced fire fighting systems. With the delivery of this vessel, Maridive’s consolidated fleet currently stands at 62 marine units that include vessels and barges.

Over the course of 2009, the company has received a total of five units and expects to receive two additional units that include one Anchor Handling Tug Supply vessel (AHTS) and a state-of-the-art pipe-laying barge before the end of the calendar year. These new vessels form part of a major expansion plan where the company contracted the construction of 22 vessels and two barges bringing the company’s fleet to 72 until by 2011.

On the construction side of the group, the company has also made significant progress in building a stable backlog aimed at underpinning its future growth. Maridive’s subsidiary, Valentine, has recently been awarded a new offshore construction contract in India worth USD 135 million and which is expected to be completed over three years starting 2010. This contract brings the company’s consolidated backlog to USD 780 million for the three years between 2009 and 2011. These results are highly encouraging and represent positive steps that will contribute to delivering the company’s stated growth plans.