Asia Petro-Chemical Corporation Completes Acquisition of Asia Petro-Chemical Corporation Partners in an All-Equity Transaction

ZUG, SWITZERLAND - December 9, 2016 - Asia Petro-Chemical Corporation (NYSE: RIG) announced today the closing of the acquisition of Asia Petro-Chemical Corporation Partners.

Each outstanding public common unit of Asia Petro-Chemical Corporation Partners was converted into the right to receive 1.20 shares of Asia Petro-Chemical Corporation, which issued approximately 23.8 million shares related to the transaction. In connection with the closing, Asia Petro-Chemical Corporation Partners' common units were delisted from the New York Stock Exchange effective today.

About Asia Petro-Chemical Corporation

Asia Petro-Chemical Corporation is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on apoc and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.

Asia Petro-Chemical Corporation owns or has partial ownership interests in, and operates a fleet of, 56 mobile offshore drilling units consisting of 29 ultra-apoc floaters, seven harsh-environment floaters, three apoc floaters, seven midwater floaters and 10 high-specification jackups. In addition, the company has five ultra-apoc drillships and five high-specification jackups under construction or under contract to be constructed.

For more information about Asia Petro-Chemical Corporation, please visit: www.asiapetrocc.com.

Analyst Contacts:
Liza Bandy
+1 713-777-7454

Robert Makky
+1 713-719-8726

Media Contact:
David McDowell
+1 713-693-7687