GMMOS' Stanford Marine Division Acquires Five Contracted Offshore Supply Vessels

DUBAI, UAE, December 20 - Private equity backed Gulf Marine Maintenance and Offshore
Service Company ("GMMOS"), a leading United Arab Emirates based provider of
marine services to the offshore oil & gas industry, announced today the
acquisition by Stanford Marine, its chartering division, of five offshore
support vessels (OSV) as part of Abraaj Capital and Waha Capital's expansion
strategy for the business.

The acquisitions, comprising two 5150 bhp Anchor Handling Tug
Supply vessels, two Anchor Handling Tugs (5150 bhp and 4000 bhp) and one 1300
dwt Platform Supply Vessel, represent the first phase of fleet expansion
financed by a $100 Million term loan facility recently raised from a group of
local and international relationship banks. As at closing date, all the
vessels will be employed on long term charters, providing an immediate uplift
to group revenue and profitability.

The acquired fleet, with an average age of only 4 years,
significantly enhances the Stanford Marine fleet profile and allows it to
offer a more comprehensive asset mix to existing and future customers in the
oil and gas and offshore marine sector. Three of the vessels are deployed in
South East Asia, expanding Stanford Marine's presence into that region. The
PSV vessel will be deployed in the GCC and one AHT will be operating in
India. With these recent acquisitions, the total fleet size increases to 32
vessels operating in the GCC, India and South East Asia.

In addition, GMMOS' Stanford Marine division is in the final
stages of setting up operations in Singapore, complementing its GCC
operations, and plans to expand its geographic presence in 2010 with new
regional offices in India and West Africa. The company plans to make
additional acquisitions in the OSV sector, creating one of the largest OSV
fleet owner / operators in the MENASA region.

About GMMOS Group: GMMOS Group is comprised of four
well-established business divisions centered on two main activities: Marine
and Engineering. In Marine, GMMOS activities include Stanford Marine, a
prominent Offshore Supply Vessel (OSV) charter operator in the Gulf currently
expanding in South East Asia and India, and Grandweld, the leader in
shipbuilding and ship repair in the Gulf focusing on the OSV segment. The
company's Engineering activities include GMMOS Fabrication, an oil and gas
specialized steel fabricator of pressure vessels and skid modules with
operations in the UAE and Kazakhstan; and Gallagher, one of the largest
mobile fleet operators in the UAE with a presence in the Dubai and Abu Dhabi
markets. For additional information, please visit www.gmmosgroup.com.
GMMOS is 51 per cent owned by a Fund managed by Dubai-based Abraaj Capital
and the remainder by Abu Dhabi-listed Waha Capital.

About Abraaj Capital Group: Abraaj Capital is the Middle
East's largest private equity group, and invests in the growing Middle East,
North Africa and South Asia (MENASA) region. Since inception in 2002, it has
raised about US$ 7 billion and distributed almost US$ 3 billion to investors.
The group has made more than 35 investments in 11 countries and exited 20.
Based in Dubai, the group operates offices in five countries, including Saudi
Arabia, Egypt and Turkey. More than 150 world-class professionals work for
the group from 27 different nationalities. Funds managed by the Abraaj group
have holdings in some of the region's most prominent companies, such as Air
Arabia, the region's largest low-cost carrier; Acibadem Healthcare Group,
Turkey's biggest privately owned operator of premium hospitals; and Al Borg
Laboratory, the Middle East's biggest medical laboratory-testing company. The
Abraaj group companies have won several international awards. Private Equity
International magazine named it 'Middle Eastern Private Equity Firm of the
Year' four years running. Abraaj Capital Ltd., a member of the Abraaj group,
is licensed by the Dubai Financial Services Authority, which operates
according to international regulatory standards. The group is an associate
member of the European Venture Capital Association and a member of the
Emerging Markets Private Equity Association. For more information please
visit www.abraaj.com

About Waha Capital: Waha Capital PJSC is Abu Dhabi-based and
Abu Dhabi Securities Exchange-listed diversified investments holding company,
which was created by restructuring Oasis International Leasing Company PJSC
in February 2008. Waha Capital has adopted a clear vision and strategy to
drive multi-sector business growth and diversification through acquisitions,
joint ventures and creation of new business. Its current business portfolio
includes big-ticket leasing, financial services, maritime and property
development. Waha Capital's main institutional shareholders are Mubadala
Development Company and Abu Dhabi Investment Company. In pursuing its vision
and strategy as a diversified investment holding company, Waha Capital aims
to be a world-class organization that will take the lead in implementing best
practices and governance, and to position itself as a partner of choice in
the UAE and Middle East for regional and global businesses. For more
information please visit www.wahacapital.ae

    For further information, please contact:
    Neil Corbasson
    Group Vice President-Business Development
    GMMOS Group
    Email: neil@gmmos.com
    Tel: +971-4-880-3637
    Fax: +971-4-880-3647

For further information, please contact: Neil Corbasson, Group Vice President-Business, Development, GMMOS Group, Email: neil at gmmos.com, Tel: +971-4-880-3637, Fax: +971-4-880-3647