Kaztec Engineering Ltd. Completes Campaign 2 of Addax Petroleum Contract, Mobilizes for Campaign 3

ABUJA, NIGERIA--(Marketwire - Nov 16, 2011) - Kaztec Engineering Ltd. (www.kaztec-eng.com), a leader in the fabrication of drilling and production platforms and other specialized structures for the oil and gas industry, today announced the completion of Campaign 2 of the Addax Petroleum Development (Nigeria) Limited contract, TB 1921. Kaztec, a subsidiary of the Chrome Group (www.thechromegroup.net), a leading West African oil and gas conglomerate, is using its exceptional Ekulo Cheyenne derrick and construction barge to execute the TB - 1921 Call-Off Contract for installation of subsea pipelines and topsides in Addax's OML 123, Adanga, offshore Calabar, Cross River State in Nigeria.

Addax has operated OML123 in Nigeria since 1998 under a production sharing contract with the Nigerian Government. Addax has over the years driven up production and ramped up reserves through ongoing field development and exploration efforts. OML 123 contains nine producing fields, two undeveloped oil fields, three unappraised oil discoveries, one large underdeveloped gas discovery and several promising exploration prospects.

On the TB1921 contract for the Block, Kaztec used best-practice methodology and first-rate equipment to complete Campaign 2 -- a remarkable achievement considering the complexity of the project in a challenging offshore environment. Kaztec will now begin Campaign 3 of the integrated field development project. The installation-focused contract includes new wellhead and water injection facilities, pipelines and risers with tie-in and hook-up spools to existing pipelines, as well as modification and repair of existing pipelines.

"I am very proud of Projects Director Geoff Stone and the entire Kaztec team for mobilizing the best processes and best equipment in the industry to achieve world-class results," said Sir Emeka Offor, chairman of the Chrome Group. "Kaztec has demonstrated that, given the opportunity, indigenous Nigerian firms can excel in the highly technical activities involved in exploration and production of oil and gas."

Campaign 2 of the project took 180 days to complete. Currently there are more than 40 Call-Off contracts that are outstanding in the lump sum contract.

The Ekulo Cheyenne is one of the biggest pipelay and construction barges in the entire Gulf of Guinea. Its lifting capacity, (including a main fixed lifting capacity of 850 tons) makes the Ekulo Cheyenne well equipped to perform the designated call-off contract jobs in the TB 1921 contract agreement.

The Chrome Group, founded in 1994 by Sir Emeka Offor, is one of Nigeria's leading indigenous multinational businesses with subsidiaries operating in oil and gas exploration and production, oil and gas servicing, engineering, insurance, logistics and power industries.

About Kaztec Engineering Limited

Kaztec Engineering Limited is fast becoming a leader in the fabrication of drilling and production platforms, as well as other specialized structures in the oil and gas industry. The company is equipped to provide turnkey onshore and offshore fabrication and installation services. Its core capabilities include engineering, procurement, construction, installation and commissioning of offshore and onshore oil and gas facilities for the oil and gas industry in West Africa. Kaztec values cultural individuality, a work ethic bound by quality, employee safety, and a strong focus on its clientele. Kaztec's corporate headquarters is in Abuja, Nigeria. The company is a subsidiary of the Chrome Group, one of Nigeria's leading indigenous conglomerates with companies operating in oil and gas exploration and production, oil and gas servicing, engineering, insurance, logistics and power industries.