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A USD 40 MILLION CONTRACT HAS BEEN SIGNED TO PROVIDE OIL DRILLING SERVICES TO PETRODELTA IN VENEZUELA

November 4, 2008

Gruppo Trevi, through its subsidiary PETREVEN C.A. in Venezuela, has signed a contract with PETRODELTA SA (a Joint Venture between PDVSA and Harvest & Vinccler) to provide oil drilling services for about USD 40 million.

Activity is expected to begin in November 2008 with an estimated duration of 24 months. The contract provides a renewal option for a further 3 years with a possible increase of about USD 53 million.

In order to provide these services, PETREVEN CA, has equipped itself with an innovative HH300 hydraulic technology drilling platform of 1,500 HP produced by DRILLMEC S.p.A..

The current oil product and service market climate provides significant advantages for producers of highly specialised and innovative drilling plant such as Drillmec, as well as for oil well drilling companies which are equipped with these more productive fit for purpose rigs instead of commodity rigs.
 
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