GSP Wins First Drilling Contract in N. Sea

Grup Servicii Petroliere SA (GSP) has been awarded a contract by Wintershall Noordzee B.V., for offshore drilling.

The first concerns the rig GSP Saturn (300' ILC), presently located on the continental shelf of Tunisia, which will be relocated to provide offshore drilling services under a long term contract, initially in the Dutch sector.

GSP Saturn is scheduled to start the drilling operations in May 2012. The agreement is for an initial 12-month period. The offshore drilling rig was subject of a recent extensive upgrading and reclassification project carried out in GSP Shipyard, Romania.

Stuart Oakley, GSP's CEO, "This contract marks the arrival of GSP in the North Sea market, in addition to our existing markets of the Black Sea, the Mediterranean, the Russian Federation and Mexico. Working from our established offices in Rotterdam and Aberdeen we anticipate further growth of our share of this market, and plan to bring additional assets to meet the North Sea demand."

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