GSP CEO Stuart D. Oakley leaves company

July 26, 2012

Stuart D. Oakley, who was tapped to lead Grup Servicii Petroliere S.A. as Chief Executive Officer, has decided to leave the company by mutual agreement.

Mr. Oakley has served GSP for almost four months, during which he has achieved the key objectives of the Company, as it went through a reorganization process, and has decisively supported and driven the company’s strategic move into the demanding North Sea market. GSP is currently rendering two projects in the North Sea, one for drilling operations and pipelay services, both contracts being awarded by the Dutch company Wintershall Nordzee BV, a subsidiary of the German company Wintershall Holding GmbH, a member of the BASF group.

Mr. Gabriel Comanescu, President the Board, will take over as CEO, effective immediately. “The Board appreciates the value that Stuart has delivered to our business and wish him all the very best with his future endeavors.” said Mr. Comanescu.

Prior to his appointment in GSP, Mr. Oakley has held various senior executive positions within Subsea Offshore (now Subsea 7), Stolt-Nielsen Seaway Group (now Acergy), Seaway (UK) Ltd Seaway Heavy Lifting BV, McDermott Subsea Constructors Ltd and Smedvig Offshore. He has also worked in the venture capital sector, holding senior executive positions with a number of technology start-up companies in the UK and the Netherlands.

GSP, general information
GSP is a member of Upetrom Group, and provides a wide range of integrated services in offshore drilling, offshore construction and support vessels, well services, plug and abandonment and decommissioning, hydro-technical construction, engineering, subsea installation, offshore windmill construction & installation, training. GSP is a member of the International Association of Drilling Contractors (IADC), International Well Control Forum (IWCF), and International Maritime Contractors Association (IMCA).

Further information:
Radu Petrescu – Chief Communications Officer
Tel: +40 21 308 0219