^[1]Grup Servicii Petroliere SA (“GSP”) today announces buying the pipelay vessel Acergy Falcon from Subsea 7.

Falcon is a highly versatile DNV classed pipelay vessel, 153 meters long, capable of installing rigid pipelines up to 14 inch diameter and also flexible flowlines and umbilicals.

GSP expects to take delivery of the vessel in September 2011. The vessel will be renamed GSP Falcon.

GSP has signed an exclusive 5 year deal with Bibby Offshore for the provision of diving and tie in services in North West Europe. In other markets GSP will bid alone.

The vessel is currently available from September onwards.

Information on Subsea 7 can be found at www.subsea7.com ^[2]

Information on Bibby Offshore can be found at www.bibbyoffshore.com ^[3]

GSP, General Information:

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 3000 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