Crosco Signs Bareboat Contract with Diamond Offshore

Crosco Integrated Drilling & Well Services has signed a two-year plus options bareboat charter contract with Diamond Offshore for use of the jackup Ocean King. Crosco will provide drilling services utilizing the Ocean King for INAgip in Croatian waters of the Adriatic Sea.

Crosco will conduct a necessary refurbishment and upgrade of the Ocean King to meet Croatian and INAgip standards and requirements. The upgrade will be performed at the Croatian shipyard Lamjana. The shipyard work is expected to commence in late July 2007 and the rig is expected to spud for INAgip on or about November 2007. The Ocean King commenced mobilization to Croatia on the semisubmersible heavy lift vessel Black Marlin on the July 7, 2007.

Crosco is an integrated onshore and offshore drilling and well services contractor. The company has a fleet of 51 modern drilling, workover and geoservice rigs as well as one semisubmersible and one jackup. Crosco also provides crew services to Noble jackup rig Harvey Duhaney and provides, manages and maintains drilling, completion and workover services on ENI's Libyan Sabratha drilling and production platform. In addition, with state-of-the-art western equipment, Crosco provides the following services: well testing, coil tubing, nitrogen, cementing, stimulation, logging, mud, coring, fishing and directional drilling.

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