Maridive & Oil Services S.A.E. announces indicative price range for initial public offering

Notes and media contacts

About the Company

•With a history spanning 31 years, MOS is one of the leading and oldest companies in the MENA region to provide offshore marine and oil support services. The Group's operations are divided into two main segments:
-Offshore Construction Services (OCS) such as pipe-laying, platform installation as well as engineering, procurement and construction for underwater oil and gas projects.
-The other segment is Offshore Support Vessels (OSV) whereby the Group charters vessels needed to tow offshore rigs and supplies rigs and production platforms with all materials required and ensure its safety through fire-fighting and anti-pollution systems which are installed on its vessels.

•As of March 2008 MOS owns and operates 43 vessels and 11 barges, making it the largest company in Egypt and the Middle East and one of the largest in the World in this field in terms of fleet size. The Company has recently embarked on an aggressive expansion plan, contracting for 15 new vessels and 2 barges to be sporadically delivered by 2011.

•MOS was able to expand its global footprint by winning contracts in the Gulf Area, Caspian Sea, Mexico, Northern and Western African countries in addition to the Far East. The Company's global business model is evident in its diversified revenue base with approximately 86% of 2007 revenues being generated from outside Egypt.

•The Company was able to grow its revenues and net income by a CAGR of 38% and 106% respectively over the period spanning 2005 and 2007. For the fiscal year ended December 31, 2007, MOS had consolidated revenues, EBITDA and net Income of approximately $264m, $109m and $80m respectively.

For further information please contact:

Rasha Kashkoush
Hill and Knowlton
Tel: +971 4 3344930
Mobile: +971 (0) 50 4506533

Amr Gamal
Hill and Knowlton Egypt
Tel: +202 27365571
Mobile: +2 012 3982055

Disclaimer
This announcement and the information contained herein is not for publication, distribution or release in, or into, directly or indirectly, the United States, Canada, Australia, Japan, or to US persons (as such term is defined in Regulation S under the US Securities Act of 1933, as amended (the "Securities Act")). The information contained herein does not constitute an offer of securities for sale or solicitation of an offer to purchase securities in any jurisdiction, including in the United States, Australia, Canada or Japan.

No offer or invitation to acquire securities in the Company is being made by or in connection with this announcement. Any such offer will be made solely by means of the Offering Circular to be published in due course and any supplement or amendment thereto and any acquisition of securities should be made on the basis of the information contained in such Offering Circular.

This announcement does not constitute a recommendation concerning the offering. The value of securities can go down as well as up. Past performance is not a guide to future performance. Potential investors should consult a professional adviser as to the suitability of any offering for the person concerned.

The shares of the Company will not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such term is defined in the Securities Act) unless registered under the Securities Act or pursuant to an exemption from such registration. The shares have not been and will not be registered under the Securities Act and no public offering of the shares will be made in the United States.

This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). Any shares will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such shares of the Company will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Certain statements, beliefs and opinions in this document, including those related to the Offering, are forward-looking, which reflect the Company's current expectations and projections about future events. These statements typically contain words such as "anticipate", "assume", "believe", "expect", "plan", "intend" and words of similar substance. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Neither the Company nor any other person undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this document. No statement in this document is intended to be a profit forecast.