Constellation

completed

Constellation, the oil and gas drilling services subsidiary of QGOG, intends to expand and upgrade its business by acquiring additional offshore drilling and production assets in response to the opportunities presented by the development plans of Petroleo Brasileiro S.A. (“Petrobras”). Constellation is raising equity to expand its capital base to allow it to participate in Petrobras’ drilling and production expansion program, as mentioned above. The proceeds from this placement will be used mainly for the construction and/or acquisition of drilling rigs, drillships and/or FPSOs (floating, production, storage and off-loading vessels) for lease to complement its existing six offshore rigs. IFC has been invited to participate in Constellation’s private placement together with a consortium of other equity investors.