Press Release February 2nd, 2016

Tuesday, February 2, 2016

On the 23rd of December 2015 Hydro Drilling S. r.l (HD) was acquired by a private equity fund Whiteridge Global Energy managed by the Signet Group, an investment manager with a 23 year history, based in Switzerland and UK with offices and business presence in several countries, including the US, Ukraine, Cyprus and the Middle East.

This acquisition finally draws the line under a tumultuous period of the Hydro Drilling business history that has been suffering by association with the difficulties of the previous company owner. HD is now in stable hands of long-term investors experienced in direct and portfolio investments in the E&P Industry.

The new owners highly appreciate the professionalism and experience of the Company employees and are very keen to support a deeper involvement of the personnel in development and execution of HD business strategy.

“We are sure that with an active support of HD team as well as its clients, the Unions and the Ministry of Economic Development we can develop the Company as an innovative, successful international business with strong Italian roots” – said Dr. Umansky, the CEO of Signet Group and the Head of the Investment Committee for Whiteridge Global Energy fund.