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Joint Venture Agreement Between Dialog and Sedres, Saudi Arabia

Source: www.gulfoilandgas.com 8/2/2006, Location: Middle East

DIALOG has announced that Dialog (Labuan) Ltd ("DLL"), a wholly-owned subsidiary of DIALOG, has entered into a Joint Venture Agreement with M/s Sedres Maritime on 1 August 2006. The Agreement provides for the establishment of Dialog Services (KSA) Co. Ltd. ("Dialog KSA"), a limited liability company under the laws of Saudi Arabia. Dialog KSA will principally be involved in the provision of engineering, procurement, construction and commissioning ("EPCC") services and plant maintenance services to the oil, gas and petrochemical industry in Saudi Arabia.

Dialog KSA shall have an initial issued and paid share capital of Two Million Saudi Arabian Riyal (SAR2,000,000). DLL will subscribe for 60% of the initial issued and paid up share capital whilst Sedres will subscribe for the balance 40%. DLL's investment in Dialog KSA will be funded by internally generated funds.

Sedres was established in 1993 by Mr Zael Fahaid Al-Daihani. It is currently involved in a wide range of maritime, shipping, logistics and related services, including serving the oil and gas industry in Saudi Arabia.

Dialog KSA will spearhead DIALOG's penetration of the oil, gas and petrochemical markets in Saudi Arabia as well as other Persian Gulf countries for EPCC and plant maintenance services. This is in line with DIALOG's strategy of expanding its geographical presence in its effort to become a global integrated specialist technical services provider to the oil, gas and petrochemical industry. The investment in Dialog KSA is expected to have a positive effect on the future earnings of DIALOG.

The Agreement is not subject to the approval of any statutory bodies, nor the shareholders of DIALOG and DLL.

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