Grup Servicii Petroliere announces new drilling contract for two firm wells offshore Romania

May 31, 2012

Grup Servicii Petroliere enters into a contract with Midia Rersources SRL, a subsidiary of Sterling Resources Ltd., providing offshore drilling services for two exploration wells, Ioana and Eugenia.

GSP Jupiter, the mobile offshore drilling rig will provide the offshore services, upon completion of the present operations carried out offshore Turkey for TPAO. GSP Jupiter will commence operating under the newly signed drilling contract with Midia Resources in mid September 2012.

The offshore drilling operations will be carried out in two offshore blocks in The Black Sea: “Ioana” exploratory well within block XV Midia, and “Eugenia” exploratory well within block XIII Pelican.

The cantilever type offshore drilling rig will operate at 93 meters water depth for the drilling of “Ioana” exploratory well, respectively 55 meters water depth for “Eugenia”. The two wells anticipated depths are 1,600 meters for “Ioana” and 2,300 for “Eugenia”.

GSP Jupiter, General Information
GSP Jupiter is a four leg, self elevating, cantilever type jack-up rig ABS classified. The rig was upgraded and reclassified in 2007, the project value amounting over 72 USD mill. GSP Jupiter upgrade project was carried out by GSP Shipyard under GSP’s project management. The upgrade operations were finalized in Constanta Port, berth 34, within one of the three recently modernized operational bases of the company.

Project data:
The scope of work consisted in improving the platform technical specification and class recertification, the rig productivity increasing with 67%. The complete modernization process and the conversion from slot into cantilever type jack – up rig were performed under the supervision of the American Bureau of Shipping (ABS).

Grup Servicii Petroliere (GSP Offshore), General Information:
Grup Servicii Petroliere is a member of Upetrom Group and it is headquartered in Constanta Harbor, Romania. GSP operates a fleet including seven mobile offshore drilling rigs, nine offshore support vessels, 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 barges, as well as a fleet of heavy duty and inspection class ROVs and a 300 MSW saturation diving system.

Further Information:
Sanda Gabriela Murtaza
Tel.: +40 241 555 255, extension 2161