Baywater Revenue and Competitors

Baywater was formed in May 2013 and developed into one of the largest fleets of inland barge drilling rigs through the acquisition of 11 inland barge drilling rigs from Hercules Offshore in July 2013. Through the initial acquisition, Baywater put three rigs to work immediately (Caillou, Matagorda Bay, and St. Elaine). A fourth rig (Atchafalaya) underwent refurbishment and joined the fleet in November 2013. In our commitment to work with our operators as a true partner, Baywater refurbished its fifth rig (Timbalier) by modifying it from a 3,000 hp rig to a 1,000 hp rig to meet the requests of operators for a shallow draft rig. The Timbalier joined the fleet in May 2014. Baywater moved into the workover sector of the inland barge market on March 31, 2014 with the acquisition of four workover rigs from Basic Energy Services. The Bayou Black, Bayou Blue, Bayou Teche, and Bayou Terrebonne joined the ever growing Baywater Drilling fleet. Today, we are the largest privately-held inland barge drilling contractor in the United States. Our growing success is a direct result of the experienced and dedicated employees who joined the company throughout the first year of operations.