March, 2006

Oil and gas services specialist PSL Energy Services Ltd have won their first Hydraulic Workover (HWO) contract in the Asia Pacific region following a substantial investment in new HWO equipment. PSL have been contracted by a leading multinational oil and gas company to carry out a 22 well campaign in the Northern Field in the Gulf of Thailand. The campaign, which could be up to one year duration and worth in the region of $2 million, was won against international competition and marks a significant step forward in PSL implementing their well services strategy in the Asia Pacific region.

The company have invested upward of £4 million in new well services equipment for their Singapore based Asia Pacific operation, including the recent addition of two 340,000lbs and one 150,000lbs capacity conventional HWO units. The PSL Asia Pacific region will also take delivery of a new build Rack and Pinion workover unit later this year. This unit is a state-of-the-art fast workover rig and will give PSL greater capacity to deliver further well intervention programmes in the region. PSL believe critical factors in winning this contract were the company's excellent health and safety (HSE) record, its reputation for innovative solutions and the commitment demonstrated in investing in both people and new equipment to be used in the region.

Kenny Coutts, PSL's Managing Director for Asia Pacific, said: "We are delighted to be given this first opportunity to demonstrate our ability and professionalism in the HWO market in Thailand. We have a growing reputation in other parts of the world for our unique approach to providing well intervention solutions and we are confident we can deliver a safe and cost effective service for this top crude oil producer and other major operators in the region. We now have one of the biggest HWO and well services fleets in the Asia Pacific area and we hope this latest contract will pave the way to significant growth in this market."

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