Wellstream Appointments New Chief Executive Officer

15 July 2010

Wellstream is pleased to announce the appointment of Mr David Mullen as a director and new CEO of Wellstream with effect from 1 September 2010.

Mr Mullen, born 1958, brings with him considerable experience in the Oil and Gas industry, having worked most recently as CEO of Ocean Rig ASA. Prior to this, Mr Mullen was senior vice president of Transocean Inc. and has held a number of senior positions with Schlumberger from 2001. Mr Mullen's experience of dealing with IOCs, NOCs and independent Oil and Gas Companies globally will be particularly valuable to Wellstream, as will his significant background in corporate development.

Gordon Chapman will step down as CEO and director of the Company on 1 September 2010 and will remain an Advisor to the Board.

Commenting on the appointment, John Kennedy, Chairman said; "We are very pleased to have David join the Board as CEO. David has a strong track record of leadership and strategic thinking which will enhance Wellstream's ability to develop our market presence around the world."

I wish to extend the Board's thanks to Gordon Chapman who has been a driving force behind Wellstream's success and who is stepping down for health reasons. The Board also wishes to thank Alasdair MacDonald for his significant contribution as Acting CEO since September 2009.

Commenting on his appointment, Mr Mullen said "I am delighted to join Wellstream as CEO. It is a company I have long admired for its innovation and tenacity. I look forward to leading the company going forward, supported by a very able team.