Clearwater Capital Partners sells B351 jackup rig to ADC

Clearwater Capital Partners has sold a Keppel FELS B Class jackup rig with hull number B351. Arabian Drilling Company has acquired the rig.

PRESS RELEASE

Clearwater Capital Partners, LLC (“Clearwater”),
through an entity wholly owned by private investment funds managed by Clearwater, has
completed the sale of a Keppel FELS B Class jackup rig with hull number B351 to Arabian
Drilling Company (“ADC”).
Mr. Mohamed Yusof Al-Rafie, Chairman of Arabian Drilling Company said, “We are pleased to
announce the purchase of B351. It will be the fourth rig of KFELS B Class in ADC’s offshore
fleet. Together with the current high specification jackups, this purchase will enable us to offer
Saudi Aramco and Al-Khafji Joint operations (AGOC/ KGOC) productive, safe and cost
efficient drilling operations.”

Dr. Yao Chye Chiang, Chief Operating Officer of Clearwater said, “We are pleased to announce
the sale of the B351 jackup rig to ADC. This is the first rig of the two rig order we placed with
Keppel in late 2013 and provides a substantial return on investment for Clearwater.
“The Keppel FELS B Class is a proven design which has been the rig of choice for leading oil
companies in the industry. Our strategy of building proven design rigs and partnering with the
world’s leading rig builder has served us well.
“We continue to see strong demand for new high specification jack up rigs as the industry
continues its rig replacement trend including significant demand from the Middle East for
premium equipment where the upgrading of Saudi Aramco’s jackup fleet remains a key driver.”
About Arabian Drilling Company
Established in 1964, the Arabian Drilling Company (ADC) is a Limited Liability partnership
between the Industrialization & Energy Services Company (TAQA) which owns 51%, a Saudi
Government Oilfield Services Company and Services Petroliers Schlumberger S.A., a global
leader in oilfield services which owns the remaining 49%.
ADC started operation in 1964 with one drilling rig and now operates 25 drilling rigs, on land
and offshore. ADC Offshore units include ultra-heavy-duty Jack-ups outfitted with high
specification equipment and capable of drilling in 400 ft of water. ADC also owns and operates
two self-propelled Multi-Purpose Service Vessel (MPSVs) providing well intervention and well
CLEARWATER CAPITAL PARTNERS ENTERS INTO AGREEMENT FOR
THE SALE OF A JACKUP RIG TO ARABIAN DRILLING COMPANY
Page 3
testing services. The onshore fleet ranges from medium to ultra-heavy rigs, capable of handling
the most challenging drilling programs and designed to work in harsh climatic conditions
supported by a highly qualified and experienced staff. Currently, ADC major clients include
Saudi Aramco and Al-Khafji Joint Operations (KJO). For more information on ADC, visit
www.arabdrill.com
About Clearwater Capital Partners, LLC
Clearwater is an investment firm founded in December 2001 to invest in credit and special
situations across Asia, excluding Japan. Since inception, Clearwater has invested $4 billion in
the Asia region and currently manages approximately $1.5 billion in assets across its six
investment vehicles. Clearwater’s multi-disciplinary team is based in six primary offices across
Asia.