MILLENNIUM OFFSHORE SERVICES SUPERHOLDINGS, LLC, PART OF THE SEAFOX GROUP, REPORTS SECOND QUARTER 2015 FINANCIAL RESULTS

FOR IMMEDIATE RELEASE MILLENNIUM OFFSHORE SERVICES SUPERHOLDINGS, LLC, PART OF THE SEAFOX GROUP, REPORTS SECOND QUARTER 2015 FINANCIAL RESULTS Second Quarter 2015 Revenues increased 23.6% to $47.5 million, EBITDA increased 4.6% to $28.8 million, and net income decreased $12.2 million to $2.0 million year-over-year, respectively Ajman, United Arab Emirates August 26, 2015 Millennium Offshore Services Superholdings, LLC, part of the Seafox Group, (the Company or Seafox ), today reported its second quarter 2015 financial results for the period ended June 30, 2015. Second Quarter 2015 Financial Highlights Revenue for the second quarter 2015 was $47.5 million compared to $38.4 million for the same period a year ago. The 23.6% increase in revenue was primarily due to the increased fleet size with the addition of the Seafox Frontier (active since July 2014) and the results from Seafox 1, 2, 4 and 7 ASVs from November 7, 2014. The increase in revenues were partially offset by the impact of lower fleet utilization of 64.5% in the quarter, due to shipyard works performed during the period, compared with 100% utilization in the prior year period. Fleet utilization was 64.5% for the second quarter 2015, compared to 100% for the second quarter a year ago, due to planned shipyard works, upgrades and special surveys performed during the period. EBITDA for the second quarter 2015 increased by 4.6% to $28.8 million (EBITDA margin of 60.6%), compared to $27.5 million (EBITDA margin of 71.6%) for the same period a year ago. The increase in EBITDA was primarily due to the increased fleet size following the addition of Seafox Frontier, Seafox 1, 2, 4 and 7 compared with prior year period. The decrease in EBITDA margin was primarily due to the lower utilization as a result of shipyard works on a number of ASVs during the quarter. Net income for the second quarter 2015 was $2.0 million compared to net income of $14.1 million for same period of 2014. The decrease in net income was primarily due to the impact of a $7.7 million exchange loss in the quarter, on the Euro denominated Senior Secured Term Loan, following the currency movement between the Euro and US Dollar and increased finance costs from the Senior Secured Term Loan entered into in November 2014 as a part of the Seafox transaction. Direct costs for the second quarter of 2015 were $24.0 million compared to $14.0 million for the second quarter of 2014. The $10.0 million increase in direct costs was primarily driven by the increased staff and crewing costs and depreciation resulting from the addition of the Seafox Frontier and Seafox 1, 2, 4 and 7 compared with the prior year period where we had an active fleet of 6 ASVs compared with 11 ASVs in 2015. Mobilization and demobilization activities and costs were also higher than the prior year period during the quarter ended June 30, 2015. Gross profit for the second quarter of 2015 was $23.4 million compared to $24.4 million for the same period of 2014. Gross profit margin for the second quarter of 2015 was 49.4% compared to 63.5% in the prior year, primarily due to the impact of lower utilization. General and administrative expenses were $3.4 million for the second quarter of 2015, compared to $2.1 million for the prior period in 2014. The increase in expenses was primarily due to the combination between Seafox and MOS on November 7, 2014 and the inclusion of the North Sea business, Netherlands office and corporate costs within general and administrative expenses compared with prior year period. At June 30, 2015, backlog was $421.9 million including current fixed term contracts, customer extension options, pro-forma for recent contract additions and business wins across the fleet of ASVs. Millennium Offshore Service Superholdings LLC - Page 1 of 8

Cash and cash equivalents, excluding cash held on fixed deposit against performance bonds, at June 30, 2015 totaled $21.9 million, up slightly from $19.9 million as of June 30, 2014. Martin Adler, Chief Executive Officer of Seafox Group, stated that, Revenues continue to increase in the second quarter of 2015 as we progress our planned shipyard upgrades and special survey program across the fleet. We remain on track to build utilization levels in the second half of 2015, as these survey works are completed. The investment in our fleet during 2015, will differentiate our fleet and services from our peers and ensure that we continue to provide the level of services our clients have come to expect from Seafox. Conference Call and Webcast In conjunction with the earnings results press release, Seafox senior management will host a conference call on Wednesday, August 26, 2015 at 9:00 am (Eastern Time) / 2:00 pm (London Time) / 5:00 pm (UAE Time) to discuss the second quarter 2015 financial results. Presentation slides will be available to accompany the conference call webcast. Participants can access the webcast and slide presentation on the Financial Events webpage located in the Investor Relations section of the Company s website at www.seafox.com. Interested parties may participate in the conference call by dialing the numbers provided below: United States Participants: 1 (877) 407-8033 United Kingdom Participants: 0 800-756-3429 International Participants: +1 (201) 689-8033 The conference call will also be simultaneously broadcast live over the Internet via webcast. Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast. An archive of the webcast replay will be made available for a period of time online in the Investor Relations section of the Company s website at www.seafox.com after the conclusion of the live call. About Seafox Seafox is a first choice offshore jack-up company, providing services to support the energy industry around the world. The organization is the result of the combination of Seafox Group and Millennium Offshore Services in November 2014. Seafox owns and exclusively manages twelve self-elevating jack-up units. Her multinational long term customers benefit from experience in accommodation & crane support, well testing & work over, transport & installation and decommissioning services. Furthermore Seafox offers temporary accommodation units for offshore locations and on board vessels. The company employs over 600 professional experts on- and off shore. For additional information please visit www.seafox.com Use of Non-IFRS Financial Measures In the press release the Company presents certain financial measures and ratios, including EBITDA and other operating data, including backlog and fleet utilization rate, that are not presented in accordance with IFRS and which are not IFRS measures. EBITDA is defined as net income for the applicable period before finance costs, income tax expense, unrealized gain/loss on fair valuation of interest rate swap, equity settled C-grant expense, depreciation of property and equipment, amortization and other income / expense related to realized and unrealized exchange gain / loss, gain / loss on sale of assets and deposit income. EBITDA margin is defined as EBITDA divided by revenue. The Company presents EBITDA because it believes that (i) it is a useful indicator of the Company s ability to incur and service the Company s indebtedness, (ii) it and similar measures are widely used in the Company s industry as useful indicators or supplemental measures of operating performance and (iii) it can assist certain investors, security analysts and other interested parties in evaluating the Company s operations and performance. Millennium Offshore Service Superholdings LLC - Page 2 of 8

EBITDA is not a recognized term under IFRS. Accordingly, it should not be used as indicator of, or alternative to, revenue, operating profit or operating profit margin or other comparable IFRS metrics, as a measure of operating performance, or of cash flow from operating activities as a measure of liquidity. The Company s presentation of EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results reported under IFRS. In particular, you should not consider EBITDA as an alternative to: (a) operating profit or profit for the period (as determined in accordance with IFRS) as a measure of our operating performance; (b) cash flows from operating, investing and financing activities as a measure of the Company s ability to meet its cash needs; or (c) any other measure of performance under generally accepted accounting principles. The limitations of EBITDA as an analytical tool include: (i) EBITDA and does not reflect the Company s cash expenditures or future requirements for capital expenditures or contractual commitments; (ii) EBITDA does not reflect changes in, or cash requirements for the Company s working capital needs; (iii) EBITDA does not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments on the Company s debts; (iv) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often need to be replaced in the future and EBITDA does not reflect any cash requirements that would be required for such replacements; and (v) some of the exceptional items that the Company eliminates in calculating EBITDA reflect cash payments that were made, or will be made in the future. Because the Company s definition of EBITDA may differ from those used by other companies and industries, the Company s presentation of this metrics may not be comparable to other similarly titled measures used by other companies. Backlog and fleet utilization rate are not measurements of financial performance under IFRS and should not be considered as alternatives to other indicators of our operating performance, cash flows or any other measure of performance derived in accordance with IFRS. The Company s management believe that the presentation of backlog and fleet utilization rate is helpful to investors as a measure of the Company s historical operating performance and ability to service debt, and also, in the case of backlog, as an indication of the Company s future revenue. Forward Looking Statements This press release may contain forward looking statements within the meaning of the U.S. federal securities laws regarding future financial performance, results, events and other statements that are not historical facts. The words believe, anticipate, plan, expect, project, estimate, predict, intend, target, assume, may, could, will and similar expressions are intended to identify such forward looking statements. Such statements are made on the basis of assumptions and expectations that the Company believes to be reasonable as of the date of this press release, but may prove to be erroneous. Such forward looking statements involve known and unknown risks and uncertainties and other factors which may cause the Company s actual results, business, financial condition, results of operations, performance or achievements or industry results to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward looking statements. Such factors include, among others, those more fully described in Risk Factors and elsewhere in the Company s annual report for the year ended December 31, 2014. You are therefore cautioned against relying on any of these forward looking statements. Except as required by law or regulation, the Company assumes no obligation to update such forward looking statements or to update the reasons for which actual results could differ materially from those anticipated in such forward looking statements. For more information, please contact: Investors Ms. Trúc Nguyen, Vice President Grayling Investor Relations Telephone: +1 (646) 284-9418 Email: truc.nguyen@grayling.com Millennium Offshore Service Superholdings LLC - Page 3 of 8

Condensed consolidated statement of comprehensive income (unaudited) for the six months period ended 2015 Three months period ended Six months period ended 2015 2014 2015 2014 USD USD USD USD Revenue 47,479,137 38,413,773 86,885,595 76,960,593 Direct costs (24,033,189) (14,014,157) (46,886,115) (28,172,129) Gross profit 23,445,948 24,399,616 39,999,480 48,788,464 General and administrative expenses (3,353,718) (2,109,075) (7,044,292) (4,844,399) Unrealised gain/(loss) on fair valuation of interest rate swap 49,618 - (40,984) - Finance costs: - Secured senior notes (5,934,991) (5,862,397) (11,773,634) (11,631,335) - Secured senior term loan (2,802,249) - (6,090,863) - - Other - (30,556) (90,480) (193,056) Foreign currency exchange (loss)/gain (7,717,586) (138,817) 18,390,087 (173,038) Other income 855,217 32,156 866,766 41,906 Profit before tax 4,542,239 16,290,927 34,216,080 31,988,542 Income tax expense (2,588,624) (2,177,514) (4,906,295) (4,287,741) Profit for the period 1,953,615 14,113,413 29,309,785 27,700,801 Other comprehensive income/(loss): Items that may be reclassified subsequently to profit or loss: Exchange gain/(loss) on translating foreign operations 8,677,893 - (19,408,956) - Total comprehensive income for the period 10,631,508 14,113,413 9,900,829 27,700,801 Millennium Offshore Service Superholdings LLC - Page 4 of 8

Condensed consolidated statement of financial position At 2015 31 December 2015 2014 USD USD (unaudited) (audited) ASSETS Non-current assets Property and equipment 555,219,457 529,319,399 Intangible assets 3,163,225 3,486,624 Goodwill 2,378,753 2,590,878 Total non-current assets 560,761,435 535,396,901 Current assets Inventories 10,603,644 10,051,793 Due from related parties - 381,959 Trade and other receivables 36,910,833 35,368,758 Bank balances and cash 22,365,770 65,739,684 Total current assets 69,880,247 111,542,194 Total assets 630,641,682 646,939,095 EQUITY AND LIABILITIES Equity Capital contribution 40,866,331 40,866,331 Foreign currency translation reserve (26,312,163) (6,903,207) Retained earnings 143,599,366 114,289,581 Total equity 158,153,534 148,252,705 Non-current liabilities Provision for employees end of service indemnity 647,582 623,359 Senior secured notes 218,046,589 216,887,293 Bank borrowings 136,941,666 175,743,239 Derivative financial instrument 133,149 92,165 Trade and other payables - 1,931,214 Total non-current liabilities 355,768,986 395,277,270 Current liabilities Bank borrowings 40,013,633 43,839,505 Due to related parties 853,586 3,775,883 Trade and other payables 75,851,943 55,793,732 Total current liabilities 116,719,162 103,409,120 Total liabilities 472,488,148 498,686,390 Total equity and liabilities 630,641,682 646,939,095 Millennium Offshore Service Superholdings LLC - Page 5 of 8

Condensed consolidated statement of cash flows (unaudited) for the six months period ended 2015 3 months period ended 6 months period ended 2015 2014 2015 2014 USD USD USD USD Cash flows from operating activities Profit for the period after tax 1,953,615 14,113,413 29,309,785 27,700,801 Adjustments for: Depreciation of property and equipment 8,564,523 5,208,780 16,749,741 10,477,555 Amortization of intangible assets 18,013-36,857 - Gain on disposal of property and equipment (450,000) - (450,000) - Unrealised (gain)/loss on fair valuation of interest rate swap (49,618) - 40,984 - Amortisation of issue costs 1,288,286 518,648 2,545,728 1,016,998 Foreign currency exchange loss/(gain) on term loan 9,596,615 - (16,042,385) - Finance costs 7,367,466 5,374,305 15,327,761 10,807,393 Income tax expenses 2,588,624 2,177,514 4,906,295 4,287,741 Provision for employees end of service benefits 47,591 41,791 113,748 184,046 Operating cash flows before changes in operating assets and liabilities 30,925,115 27,434,451 52,538,514 54,474,534 Increase in inventories (433,277) (443,074) (551,851) (525,803) Decrease in due from related parties 1,406,798-381,959 - Increase in trade and other receivables (5,270,992) (5,823,815) (1,542,075) (6,503,325) Decrease in due to related parties (2,435,230) - (2,922,297) - Increase/(decrease) in trade and other payables 18,306,449 (671,784) 16,842,487 (2,475,758) Net cash generated from operating activities 42,498,863 20,495,778 64,746,737 44,969,648 Finance costs paid (2,146,070) (43,056) (15,523,277) (10,880,556) Income tax paid (1,927,145) (1,972,498) (3,426,269) (5,602,983) Employees end of service indemnity paid (89,525) (7,630) (89,525) (7,630) Net cash flows generated from operating activities 38,336,123 18,472,594 45,707,666 28,478,479 Cash flows from investing activities Purchase of property and equipment (36,577,503) (23,268,412) (60,372,674) (40,075,518) Disposal of property and equipment 450,000-450,000 - Decrease in fixed deposits 1,299,995-958,372 - Net cash used in investing activities (34,827,508) (23,268,412) (58,964,302) (40,075,518) Millennium Offshore Service Superholdings LLC - Page 6 of 8

Condensed consolidated statement of cash flows (unaudited) for the six months period ended 2015 (continued) 3 months period ended 6 months period ended 2015 2014 2015 2014 USD USD USD USD Cash flows from financing activities Term loan repaid (16,990,034) - (27,971,492) - Cash used in financing activities (16,990,034) - (27,971,492) - Net decrease in cash and cash equivalents (13,481,419) (4,795,818) (41,228,128) (11,597,039) Cash and cash equivalents at the beginning of the period 34,512,645 24,711,679 64,313,144 31,512,900 Effects of exchange rate changes on the balances of cash held in foreign currency 866,376 - (1,187,414) - Cash and cash equivalents at the end of the period 21,897,602 19,915,861 21,897,602 19,915,861 Non-cash transactions: Advances as at 31 December 2013 amounting to USD 7 million were transferred to capital work in progress in the period ended 2014. USD 23 million for modification work-in-progress of offshore accommodation units was payable as at 2014. Millennium Offshore Service Superholdings LLC - Page 7 of 8

Reconciliation of EBITDA to net income on a consolidated basis For the quarter ended June 30, For the six months ended June 30, (U.S. dollars in millions) 2014 2015 2014 2015 Net income 14.1 2.0 27.7 29.3 Depreciation and amortization (a).. 5.2 8.6 10.5 16.8 Finance costs 5.9 8.8 11.8 18.0 Income tax expense.. 2.2 2.6 4.3 4.9 Foreign currency exchange loss.. 0.1 7.7 0.1 (18.4) Other income/expense (b)... (0.0) (0.9) (0.0) (0.9) EBITDA 27.5 28.8 54.4 49.7 (a) (b) Includes depreciation of property and equipment recognized in Direct Costs as well as deprecation of certain property and equipment included in our General and Administrative Expenses, plus amortization of intangibles. Other income and expense related to realized and unrealized gain / loss on interest swap, gain / loss on sale of assets and deposit income. ### Millennium Offshore Service Superholdings LLC - Page 8 of 8