Neptune Marine Expands Portfolio with New Offshore Unit

As a part of the Company Strategy, Neptune Marine Oil & Gas Limited continue to capitalize on a strong and growing market and expand its portfolio with a new offshore drilling unit.

Neptune Marine Oil & Gas Limited has entered into a Memorandum of Agreement with Zelie Industrial Limited, a Cypriot incorporated company, to acquire a drilling rig, the "Atlantic Venture" originally known as the "Sedco 708" for a purchase price of US$67 million.

The "Sedco 708" is a 2nd generation semi-submersible drilling rig originally built by Kaiser Steel Shipyard in California in 1977 and is part of the Sedco 700 series drilling rigs.

The Company plans to upgrade the "Sedco 708" to an intermediate deepwater drilling unit, operable up to 5,000 ft.

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