October 29, 2008

CROSCO Semisubmersible Zagreb 1 Drilling for PEMEX in Mexico

ZAGREB, Croatia, Oct. 29 /PRNewswire/ -- CROSCO Integrated Drilling & Well Services Co., Ltd. is pleased to announce the ongoing and successful provision of drilling services for Mexican National Oil Company PetrÃӚ³leos Mexicanos (PEMEX) - Pemex ExploraciÃӚ³n y ProducciÃӚ³n (PEP). The services for PEMEX are being provided in cooperation with local Mexican partner GOIMAR, S.A. de C.V..

The drilling services are being provided in the Gulf of Mexico with CROSCO semisubmersible drilling rig Zagreb 1. The CROSCO semisubmersible underwent a substantial upgrade and refurbishment prior to commencement of the PEMEX contract. Zagreb 1 has a water depth capacity of 1500 feet or 457.2 meters. Currently, Zagreb 1 is testing and completing well Pox-1 as part of an 18 month drilling and services contract.

CROSCO is an integrated onshore and offshore drilling and well services contractor. The company has a fleet of 66 modern drilling, workover and geoservices rigs as well as one semisubmersible and one jackup. CROSCO is also the 100% owner of Hungarian based Rotary Drilling Company. Rotary's drilling fleet includes 8 drilling rigs and the company also provides workover and other well services. Using state-of-the-art western equipment, CROSCO also provides the following services: well testing, coil tubing, nitrogen, cementing, stimulation, logging, mud, coring, fishing and directional drilling. In addition, CROSCO provides drilling services with bareboat contracted Diamond jackup rig Ocean King and provides maintenance services on ENI's Libyan Sabratha production platform.

CROSCO is currently providing services in Oman, UAE, Syria, Egypt, Libya, Italy, Hungary, Bosnia and Herzegovina, Slovenia, Croatia and Mexico. CROSCO has been providing services internationally since 1958 and has provided services in 34 countries for many of the world's most recognized oil companies. The company has ISO 9001, ISO 14001 and OHSAS 18001 certification from Bureau Veritas Certification Croatia. CROSCO is also a member of the International Association of Drilling Contractors and the International Well Control Forum. CROSCO has an annual revenue surpassing US$ 250 million. The company's headquarters are located in Zagreb, Croatia.

For further information please visit CROSCO's web site at: http://www.crosco.com/

Crosco Integrated Drilling & Well Services Co., Ltd.

CONTACT: http://www.crosco.com/