GSP and AMEC Sign Co-operation Agreement

August 3, 2011

Grup Servicii Petroliere SA (“GSP”) today announces its entry into an agreement with AMEC, the international engineering and project management company.

Under the terms of this agreement, GSP and AMEC will develop oil and gas exploration / production projects in the Black Sea area.
We are very proud to have AMEC, one of the world’s leading engineering, project management and consulting companies, as our partners. We strongly believe this co-operation will strengthen the position of GSP and AMEC in the offshore construction market, to jointly offer integrated services for the benefit of E&P companies worldwide” declared Fanel Hahui, GSP’s CEO.
Tony Cruddas, President of AMEC’s Growth Regions business said “We are delighted to be combining our leading engineering, project management and asset support capabilities with GSP’s strong local position in the oil and gas market to deliver excellent services for our joint customer portfolio in the new opportunities across the Black Sea”.

GSP, General Information:

GSP is a member of Upetrom Group and is headquartered in Constanta Harbor, Romania.

GSP is the leading Oil&Gas services provider in the Black Sea area. The company operates a fleet including five mobile offshore drilling rigs, a modular drilling rig, ten offshore support vessels of different types, a fleet of technical vessels including a DP3 pipelay barge, the largest heavy lift crane barge in the Black Sea, heavy lift semisubmersible and offshore work and accommodation barge as well as a fleet of heavy duty and inspection class ROVs, and a 300 MSW saturation diving system.

The companies within Upetrom Group have activities in onshore and offshore drilling, oilfield equipment production, design engineering, as well as in the tourism sector. Today, Upetrom Group has more than 5000 employees and is operating worldwide, with representative offices in many countries.

GSP has recently completed the works for the Dzhubga-Lazarevskoe-Sochi offshore gas pipeline project. GSP has been the contractor of the offshore works, including installation of the submarine pipelines (159.5 km), welding, nondestructive testing, inspection, pipe transport, installation of five shore approaches in Dzhubga, Novomikhailovskoye, Tuapse (two onshore pipeline approaches) and Kudepsta, pipeline tie-ins, ROV operations, surveys, trenching and pipeline hydro-testing.

Further Information:

Sanda Gabriela Murtaza

Grup Servicii Petroliere

Tel.: +40 241 555 255, extension 2161

E-mail: sanda.murtaza@gspoffshore.com