Joint Press Statement

MALABO, Equatorial Guinea, 2 March 2020 — GLOTECH MARINE LIMITED (GLOTECH MARINE) and GUINEA ECUATORIAL DE PETRÒLEOS S.A. (GEPETROL), a 100% percent State Oil Company of the Republic of Equatorial Guinea announce a strategic joint venture for the provision of oil and gas services in Equatorial Guinea. The objective of the joint venture is to bring enhanced oilfield support capabilities to the Oil & Gas industry in Equatorial Guinea. With leading-edge services, the joint venture will enhance operational efficiencies for the operators, improve field production and maintain an effective and continuous improvement approach to offshore support services to the Oil and Gas industry in the Republic Equatorial Guinea

GLOTECH MARINE is known in the oil and gas industry for the provision of Services such as Manpower Supply, Periodic Preventative Maintenance, Offshore Support and Engineering Functions, Modification and Upgrading of offshore installations, and Husbandry Services for Rigs, FPSOs, LFNGs Platforms and Vessels.

“We are very excited to work with GEPETROL to provide critical services to the expanding oil and gas industry in Equatorial Guinea and it is an exciting development and a growth opportunity for our company”, said Mr. Agherenwi Neba, Group Managing Director, GLOTECH MARINE.

GEPETROL wants to increase local content participation across the board in Equatorial Guinea with a vision to grow a national oil company that is competitive, innovative, forward-thinking and profitable.

The Director General/CEO of GEPETROL, Mr. Antonio Oburu Ondo said: “This joint venture with GLOTECH MARINE will complement our strategic growth plan aimed at supporting the integration and enhancement of our services commitment to the oil and gas industry in Equatorial Guinea.”

Mr. Oburu Ondo said: “We are confident that this joint venture with GLOTECH MARINE will enhance GEPETROL’s aspirations to cultivate a culture of excellence and innovation and to propel the national oil company to greater heights of exceptional and best-in-class service delivery to the oil and gas industry in Equatorial Guinea.”

Mr. Neba reiterated that “this joint venture between GEPETROL and GLOTECH MARINE demonstrates our commitment to work in collaboration with a shared vision and ambition and to provide safe and reliable services and to create value within the supply chain for our customers and enhancing sustainable growth in Equatorial Guinea from within.

“We look forward to supporting GEPETROL increase local participation and
profitability through a diversified service delivery platform. Looking ahead, the joint venture will strengthen ties with various customers and partner companies with a view to driving further expansion of our business in the oil and gas industry in Equatorial Guinea.”

About GEPETROL

GEPETROL is 100% State owned oil company of the Republic of Equatorial
Guinea, with specific technical and commercial competencies in the oil and gas sector in the country. GEPETROL participates in all oil exploration blocks, as well as in the monitoring of petroleum operations in the oil and gas industry in Equatorial Guinea with an establishing mandate to create improved reliability, maximise production and enhance asset integrity and cost efficiency.

About GLOTECH MARINE

GLOTECH MARINE is a leading integrated oil and gas industry services company built on more than 15 years of solid dependable professional experience. It prides itself in safe, rapid and unparalleled quality services in the areas of Crew Management, Shipping Services, Vessel Fabric Maintenance, and Oil & Gas Services. For more information, please visit the company’s website at https://glotechmarine.com