From the Desk of the Chairman of the Board, Halul Offshore Services Company (HOSC), Qatar

Assalam Alaikum,,

On my own behalf and on behalf of my colleagues in the Board of Directors, let me present you with this report that demonstrates in brief the workflow and achievements of Halul Offshore Services Co. W.L.L. during the year that ended on 31/12/2010.

The company achieved many successes in 2010 culminating in the posting of a net profit of 217 million riyals, a nine million riyal addition to the planned profit of 2010 (4.2%), and grew equity to 871 million Qatari Riyals (growth rate of 33%) which is the same as the net profit as a percentage of the shareholder's equity. Not to mention that the total book value of company assets at their cost have almost reached one billion and two hundred million riyals. It is natural that the value of these assets and the fair market value will exceed that.

The company also participated in a large number of tenders worth over two billion one hundred million riyals. We have been awarded some of these tenders and others are still pending. However, the biggest achievement was the award of two Diving services contracts with Qatar Petroleum, one for five years and the other for a period of three years at a total value of one billion and two hundred and eighty-five million riyals. We also have been awarded a maintenance and construction contract with Qatar Petroleum worth one hundred and eighty-eight million Qatari Riyals.
On the other hand, the company has taken delivery of a new (Air Diving) vessel in 2010, which was built in Thailand at a cost of $ 28 million. HOSC contracted to build a (Saturation Diving) vessel currently being built in India and at a cost of $ 62 million with delivery expected in December 2011. HOSC has also purchased two vessels under construction in Malaysia to enable us bid for a tender with Saudi Aramco. Construction is taking place currently and in advanced stages. It is expected to take delivery of the first vessel in April 2011 while the second vessel is expected to be delivered in June 2011. Both vessels are valued at $35.4 million.

It was also during 2010 that HOSC contracted to build two construction and maintenance vessels currently being built in China and are collectively valued 38 million dollars. These vessels will be utilized for the implementation of the new maintenance contract with Qatar Petroleum. It is expected to take delivery of the first vessel in June 2011 and the second in August 2011.

We are also in the process of preparing a bid for Saudi Aramco, Saudi Arabia, where the requirement is for 18 different purpose and specifications vessels, as well as bidding for a tender for Saudi Aramco for the provision of diving services. In the case of winning some of contracts, it is expected to result in a big leap in profits from forecast.

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The company is working hard to achieve strategic objectives and seeking various ways to identify promising investment opportunities and making a serious effort in developing human resources through continuous training and follow the latest scientific methods in management to achieve the growth that we are striving to achieve.

With Sincere Thanks and Warm Regards,

Salem Bin Butti Al-Noaimi
Chairman of the Board