Dividend policy

Except for the dividend distribution in specie of the entire share capital of Greka Drilling Limited on 8 March 2011; and the entire share capital of Greka Engineering and Technology Limited on 30 September 2013, the Company has not distributed any dividends to the Shareholders. The Company’s dividend and distribution policy is based on the principle that the total dividend should be adapted to the trend for earnings and cash flow, whilst taking into account the Group’s development potential and financial position. The Company currently intends to retain future earnings, if any, for future operations and expansion, if necessary. The Company currently does not have any plans to distribute dividends to the Shareholders. Any decision to declare or pay dividends will be made at the discretion of the Board and will depend on, among other things, the Group’s results of operations, financial condition, solvency and distributable reserves tests imposed by corporate law and such other factors that the Board may consider relevant.