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COMPANY NEWS

ALGERIA NEWS:

ES was awarded a new liner contract with Groupement Berkine. This represents the
first dedicated contract for this type of service. The team has already finalized 60%
of the volume of the work within the first two months.
ES won liner jobs with OHANET through contract amendment with a value of $320K
($80K/month with more than 35 % Margin). The Contract amendment has been
issued and expected to get approval by year end.

QMax - Algeria has succeeded in getting an extra extension
to PERTAMINA contract of thermal Desorption of 10 % of the
contract envelope.
The thermal unit (TDU) located with PERTAMINA in the MLN field has reached
30,000 working hours without LTI. The crew is determined to continue to run the
system in a safe and efficient way to complete the task.
GRN De-watering solutions: the amendment was approved, and we are expecting
operations to be started in Q1 2020, that will lead to additional revenue in 2020 Of
around $16k per month.
The best HSE observation (Stop Card) has been awarded to the ES crew on Rig
Yi long with GRN. The crew was recognized at the rig site and by all the service
companies operating on the Rig while receiving a recommendation email.
The signature of DP EL Gassi contract has concluded with a view to start operations
by Q2 2020 (contract value $ 7.4 M), the plan is to move the
Thermal Unit from PERTAMINA by March 2020 and rig up at DP
EL Gassi by April 2020.
The number of Rigs of the TFM Contract will increase to 7
operating rigs in Q4 2019 due to the increased drilling activity
from Sonatrach in Berkine region.

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