Contracts renewed Totaling about 100 million usd

March 22, 2013

Cesena, 22 March 2013 – Petreven, a TREVI Group company, which specializes in oil drilling services, has signed with YPF Argentina, the renewal of three contracts for a period of three years each for the provision of drilling services totaling about 100 million USD.

The contracts have the option of renewal for a further two years. In executing the drilling activities, Petreven will use HH Drillmec rigs specialized in vertical and horizontal drilling. (The rigs have a capacity of about 100 tons and are equipped with the latest onshore drilling technology that allow to reach the theoretical depth between 2,500 and 3,500 meters.)

YPF has recently initiated a plan for growth and development of oil drilling activities intended mainly for the production and exploration of Shale Gas in the region of Santa Cruz, in the south of the Gulf of San Jorge in Argentina providing an investment over the next five years of more than 37 billion USD. Santa Cruz is one of the areas with the highest concentration of Shale Gas in south America, and together with Chubut one of the provinces of major development in Patagonia. Petreven will deploy its rigs in strategic areas of the region in order to undertake the necessary exploration activities of Shale Gas.

Cesare Trevisani, CEO of TREVI Group stated: “The Petreven division, actively present for many years in Latin America, has managed to renew strategic long term contracts. We are very satisfied with the work we are doing in South America, and this reflects the continued development of our business. The combination of operational efficiency and technological excellence of our rigs ensures the execution of the drilling activities in absolute safety and with a significant reduction of costs. The award of such contracts, confirms the ability of Petreven to establish long-term relationships with key customers. We soon expect exciting new developments.”

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