Grandweld Wins CGGVeritas Vessel-Building Contract

Dubai, February 4^th, 2009 - Grandweld, a UAE-based shipbuilding, ship repair and conversion specialist, part of the GMMOS Group, has been awarded the contract for building one new vessel for CGGVeritas Services of France.

The 25.9m work boat is another international order for the aluminium ship building division of Grandweld. Grandweld General Manager Jamal Abki said: "We had very strong competition during the bidding process, however our demonstrated experience, quality and short delivery time gave Grandweld the edge to win this prestigious contract."

The vessel is customized and designed for the owner's requirements and is powered by two SCANIA diesel engines driving folding hydraulic thrusters installed at the transom. This allows for shallow water operations during research missions.

The CGG vessel will join other international orders delivered by Grandweld such as Bourbon's order for four 100t bollard pull tug boats and a fifth 50.3m aluminium FSIV crew boat. Grandweld is also building for major local players such as Stanford Marine, (six 41m aluminium crew boats), and Sharaf Shipping, (two 24m aluminium crewboats).

From its Dubai-based Al Jadaf shipyard, Grandweld has built a strong reputation for delivering offshore vessels with high quality, on budget and on time. The new vessel is scheduled for delivery in the third quarter of 2009.

Established in 1984, Grandweld has developed into a leading ship builder in the region and has a portfolio of steel and aluminium vessels in the range of 20 to 70m. This reputation has brought the company to international attention and now its client base spreads across the globe.

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GMMOS Group
Dubai-headquartered GMMOS Group is a portfolio company of ABRAAJ Capital, the Middle East's premier private equity firm. With over a quarter of a century experience under its belt, GMMOS GROUP comprises highly skilled, specialist divisions in the fields of oil & gas, ship building and repair, chartering and construction.

For more information please contact:
Neil Corbasson,
Vice President - Business Development,
GMMOS Group,
Dubai: +971 4 8803637

Aya Yassein,
Senior Account Executive,
GolinHarris,
Dubai: +971 50 544 0997