CROSCO achieves extraordinary slickline safety record

Jan 22, 2010, 13:06 ET from Crosco Integrated Drilling & Well Services Co., Ltd.

ZAGREB, Croatia, Jan. 22 /PRNewswire/ - CROSCO Integrated Drilling & Well Services Co., Ltd. is pleased to announce that on the 17th of December 2009, Crosco joint venture company Midwesco achieved an extraordinary safety record of ten years of slickline services in Oman without a Lost Time Incident (LTI). During this ten year period over 15 000 wireline/slickline operations were conducted which equates to over 1.4 million hours worked and over 5 million kilometers driven without a single LTI. Slickline services were provided with up to 8 Crosco wireline crane units for two clients.

Boris Lazar, CROSCO's Chief Executive Officer and President explained, "Our LTI achievement was possible due to the outstanding dedicated people that Crosco has throughout the entire organization from the field to the front office. We were able to commence slickline service in a new market and bring on an increasing number of local personnel without a single LTI incident. Our results prove the strength of Crosco's QHSE management systems and the quality of Crosco's Training Center. Furthermore, our results reward our efforts of implementing various safety initiatives including STOP Cards, rewards and incentives as well as our efforts to introduce new wireline tools and technologies on an ongoing basis."

CROSCO is an integrated onshore and offshore drilling and well services contractor. The company has a fleet of 66 drilling, workover and geoservices rigs as well as one semisubmersible and one jackup. CROSCO is 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. 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, Syria, Egypt, Libya, Italy, Hungary, Bosnia and Herzegovina, Slovenia and Croatia. 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 Contractor and the International Well Control Forum. CROSCO's 2008 annual revenue was US$ 440 million. The company's headquarters are located in Zagreb, Croatia.

SOURCE Crosco Integrated Drilling & Well Services Co., Ltd.