CROSCO extends bareboat charter of jackup rig Ocean King

November 6, 2009

ZAGREB, Croatia, Nov. 6 /PRNewswire/ - CROSCO Integrated Drilling & Well Services Co., Ltd. is pleased to announce a 219 day plus options extension of the bareboat charter contract with Diamond Offshore for the use of the jackup drilling rig Ocean King. The extension is a direct continuation of the current two year bareboat charter which expires in mid-November, 2009. CROSCO will continue to provide services with jackup rig Ocean King to clients in the Adriatic Sea.

CROSCO is an integrated onshore and offshore drilling and well services contractor. The company has a fleet of 66 modern drilling, workover and geoservices rigs as well as one semisubmersible and one jackup. CROSCO is 100% owner of Hungarian based Rotary Drilling Company. Rotary's drilling fleet includes 8 drilling rigs and the company also provides workover and other well services. Using state-of-the-art western equipment, CROSCO also provides the following services: well testing, coil tubing, nitrogen, cementing, stimulation, logging, mud, coring, fishing, and directional drilling, In addition, CROSCO provides drilling services with bareboat contracted Diamond jackup rig Ocean King and provides maintenance services on ENI's Libyan Sabratha production platform.

CROSCO is currently providing services in Oman, Syria, Egypt, Libya, Italy, Hungary, Bosnia and Herzegovina, Slovenia and Croatia. CROSCO has been providing services internationally since 1958 and has provided services in 34 countries for many of the world's most recognized oil companies. The company has ISO 9001, ISO 14001 and OHSAS 18001 certification from Bureau Veritas Certification Croatia. CROSCO is also a member of the International Association of Drilling Contractor and the International Well Control Forum. CROSCO's 2008 annual revenue was US$ 440 million. The company's headquarters are located in Zagreb, Croatia.

SOURCE Crosco Integrated Drilling & Well Services Co., Ltd.