New CEO Appointed at Grup Servicii Petroliere

Grup Servicii Petroliere SA announces the appointment of Stuart D. Oakley as its new Chief Executive Officer to be based in Constanta in Romania. Mr. Fanel Hahui who previously held this position will now move into the newly created role of Chief Operating Officer with immediate effect.

Mr. Oakley has considerable senior executive and management experience in the marine and offshore construction industry, having followed an international career with Subsea Offshore (now Subsea 7) in a number of roles before joining the Stolt-Nielsen Seaway Group (now Acergy) in 1990, holding senior executive positions with Seaway (UK) Ltd and the National Hyperbaric Centre in Aberdeen and with Seaway Heavy Lifting BV in the Netherlands. He subsequently was appointed Managing Director of McDermott Subsea Constructors Ltd, a leading contractor in pipe-lay, flex-lay and reel-lay as well as pipeline trenching and burial, before moving to FPSOs with Smedvig Offshore. He has also worked in the venture capital sector, holding senior executive positions with a number of technology start-up companies in the UK and the Netherlands.

His appointment comes at a time when GSP is making a significant move into the North Sea, having recently secured a long term drilling contract for the jackup GSP Saturn (300' ILC) as well as its first pipe-lay contract for the GSP Falcon, both with the same major operator in the Dutch sector. These contracts will set the foundation for the company's long term strategy in the region while also establishing its reputation as a safe, reliable contractor both in the North Sea and elsewhere in the world.

Mr. Gabriel Comanescu, President of GSP Offshore, commented, "We are delighted that Stuart has joined GSP at this important stage of our Company's development. He brings considerable knowledge of the industry from many areas of the world, which will help us to consolidate our position in the sector, while allowing us to achieve our ambitious growth objectives for the Company over many years."

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