IOT.ro

It was agreed with Petrom when IOT made the acquisition that we would take all the necessary steps to divide the Tirgu Jiu base within approx 15 months for IOT to be a Tubular Rental Company only, due to conflict of interest in third party services

IOT has negotiated a final agreement with Smith for them to take over the Machine Shop & Inspection Facilities since January 12^th 2009.

According to the agreement settled with Petrom in June 2007 we accomplished the transfer 12 days late.

We believe that Smith has the technical skills and capital to serve the Romanian market with the highest standards required for Petrom Drilling activities.

IOT are pleased with their accomplishment in reaching today’s standards.

IOT signed a contract with SMITH International, and at PETROM's request externalized the services for inspections and repairs of the tubular material.