July 2 (Bloomberg) -- Maridive & Oil Services SAE, an Egyptian marine and oil support service company, said its units Valentine Maritime and Maridive Offshore Projects may sign contracts to build pipelines in Russia and India in four months.

Maridive, which offers services in Indonesia and Malaysia, has also bid for a contract in Nigeria, Chairman Issa Eleish said in an interview at his office in Cairo on June 30.

Revenue from new vessels and contracts as well as cost cuts are expected to help the company offset the impact of the global financial crisis, Eleish said. Full-year profit is expected to be around $100 million, little changed from last year.

Maridive generates more than 80 percent of its revenue outside Egypt, offering offshore construction services and support vessels, investment bank HC Securities & Investment said in a note today, resuming its coverage of the company with a “buy” recommendation. Maridive shares, up 2 percent at 2:07 p.m. in Cairo trading, have gained 42 percent this year as oil prices rebounded 52 percent.

“The outlook is very positive,” Eleish said. “We increased our efforts, increased our units, took more work and we are trying to tighten our belt.”

The company may consider offering shares of Maridive Offshore Projects on the Egyptian Exchange when oil prices stabilize between $75 and $80 a barrel, Eleish said. He expects oil prices to reach that range by the end of this year. Crude for August delivery traded at $68.23 in electronic trading on the New York Mercantile Exchange today.

The worst global financial crisis since World War II has triggered a decline in charter rent rates especially in Egypt, though the bulk of Maridive’s operations in the Persian Gulf “were not greatly affected,” Eleish said.

The company added eight vessels to its fleet since its initial public offering on the Egyptian Exchange in May last year. “In 15 days we will receive another one, and in another month we will receive another one,” Eleish said, putting the number of vessels Maridive operates at around 70.

To contact the reporter on this story: Alaa Shahine in Cairo at asalha@bloomberg.net.

Last Updated: July 2, 2009 07:18 EDT