Carlyle/Riverstone and Cherington Capital Acquire International Logging - Oil Field Service Provider; Industry Veteran Ken Babcock Named CEO

New York, NY - Carlyle/Riverstone Global Energy and Power Funds and Cherington Capital has acquired International Logging, Inc. (ILI), which provides well site drilling and formation evaluation services, from Mr. Vern Jones, founder of the company, and other investors. ILI management also acquired an equity stake in the company. NewStar Financial will provide debt financing. Financial terms were not disclosed. The transaction closed March 13, 2006.

ILI, founded in 1990 and headquartered in Houston, TX, is the fifth largest mud logging services company in the world with operations in Africa, Asia, Latin America and the Middle East. Mud logging is the process of gathering critical surface and down-hole information including hydrocarbon gas analysis, geopressure data analysis, geological evaluation and well status monitoring. As part of its services, ILI provides well site geologists, pressure specialists and a data transmission product that delivers real-time data from a well to its customers. ILI, which has a fleet of 90 logging units and more than 400 field geologists worldwide, provides services to major oil companies and national oil companies.

As part of the transaction, Ken Babcock was named Chief Executive Officer, Roger Rivet Chief Financial Officer, and Bruce Henderson Vice President of Operations. Mr. Babcock said, "We have terrific momentum with the newest logging fleet in the industry and the best people in the business. Not only is our field staff well educated – 97 percent have geology-related university degrees and 25 percent with master’s degrees or higher – but they also provide the best customer service in the industry."

Gregory A. Beard, Managing Director of Riverstone, said, "With the strong financial backing of Carlyle/Riverstone and an experienced management team, ILI is well positioned for growth and acquisitions that will expand the company’s array of services."

Mr. Babcock has served as President and Chief Operating Officer of ILI since January 2005, following a twenty-three year career at EXLOG and Baker Hughes INTEQ, where he was most recently Director of Strategic Sales. Mr. Rivet has twenty-seven years experience in the oil services industry, serving as Chief Financial Officer of Diamond Products International, Inc., Vice President-Operations Finance for NQL Energy Services, Inc. and, most recently, as Senior Vice President-Finance and Administration for Integrated Production Services. Mr. Henderson came to ILI in 2005, bringing thirty-four years of oil services experience, including senior positions at EXLOG, Baker Hughes and Western Atlas, and as President and Chief Executive Officer of SmarTract, a robotic downhole tractor company.

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Carlyle/Riverstone

Riverstone Holdings LLC and The Carlyle Group are the co-general partners of Carlyle/Riverstone Global Energy and Power Funds. Riverstone, a New York-based energy and power focused private equity firm founded in 2000, has $6.03 billion under management. Riverstone conducts buyout and growth capital investments in the midstream, upstream, power and oilfield service sectors of the energy industry. To date, the firm has committed more than $2 billion to 18 investments across each of these four sectors, involving more than $15 billion of assets. The Carlyle Group is a global private equity firm with $35 billion under management. Carlyle invests in buyouts, venture capital, real estate and leveraged finance in North America, Europe and Asia. Since 1987, the firm has invested $14.9 billion of equity in 439 transactions. www.carlyle.com/.

Cherington Capital

Cherington Capital is a Boston-based private equity investment firm focused on recapitalizations and leveraged buyouts of middle market companies, with a particular emphasis on the energy industry. In the last eight years, Cherington has closed more than ten leveraged acquisitions through two funds. http://www.cherington.com/.

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