CROSCO signs bareboat contract for Diamond Offshore jackup rig Ocean King

CROSCO Integrated Drilling & Well Services Co., Ltd. is pleased to announce the awarding of a two year plus options bareboat charter contract with Diamond Offshore for use of the jackup drilling rig Ocean King.   CROSCO will provide drilling services utilizing the Ocean King for INAgip in Croatian waters of the Adriatic Sea.

CROSCO will conduct a necessary refurbishment and upgrade of the Ocean King to meet Croatian and INAgip standards and requirements.  The upgrade will be performed at the Croatian shipyard Lamjana.   The shipyard work is expected to commence in late July 2007 and the rig is expected to spud for INAgip on or about November 2007.   The Ocean King commenced mobilization to Croatia on the semisubmersible heavy lift vessel Black Marlin on the 7th of July, 2007.