Shashank V. Karve Joins Cobalt International Energy, Inc. as Executive Vice President, Cameia Development

HOUSTON--(BUSINESS WIRE)--Feb. 2, 2015-- Cobalt International Energy, Inc. (“Cobalt”) (NYSE: CIE) today announced the appointment of Shashank V. Karve as Executive Vice President, Cameia Development. Mr. Karve joined Cobalt in December 2014, and is accountable for execution of the Cameia Development Project to production, ensuring safe, cost efficient and timely delivery of Cobalt’s Cameia Project in Angola Block 21.

Mr. Karve has vast experience in executive management and project delivery, having held the position of Chairman & CEO for MODEC International Inc. He was also the Managing Director and Chief Operating Officer of the publicly traded parent company in Tokyo, MODEC Inc., where he held profit and loss responsibility for the corporation. His responsibilities included Global Project Development, Engineering, Execution, Installation and Operations of Floating Systems and he has led a multi-disciplinary global organization. Mr. Karve brings decades of international experience designing and completing global projects safely and on time in challenging and low cost environments without sacrificing operability.

“Shashank brings to Cobalt the critical knowledge, experience and leadership needed to successfully transition Cameia as our first company-operated development project from sanction safely through construction to first production,” said Van P. Whitfield, Cobalt’s Chief Operating Officer. “At this time when we are pivoting our investments to achieve cash flow from our numerous discoveries, I have every confidence that Shashank’s proven leadership skills and demonstrated experience in deepwater development projects will be instrumental in advancing the development of our projects to production in the safest, most efficient and cost effective manner.”

Mr. Karve will be based in Cobalt’s Houston headquarters.

About Cobalt

Cobalt is an independent exploration and production company focusing on the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. Cobalt was formed in 2005 and is headquartered in Houston, Texas.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 — that is, statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address Cobalt’s expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. For further discussion of risks and uncertainties, individuals should refer to Cobalt’s SEC filings. Cobalt undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release, other than as required by law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Source: Cobalt International Energy, Inc.

For Cobalt International Energy, Inc.
Investor Relations:
Rob Cordray, 713-579-9126
Director, Investor Relations
Media Relations:
Lynne L. Hackedorn, 713-579-9115
Vice President, Government and Public Affairs

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