Carlyle and EBRD Agree Sale of Black Sea Oil & Gas to Mazarine Energy

London, UK and Bucharest, Romania, 29 October 2026 - Global investment firm Carlyle (NASDAQ: CG) and the European Bank for Reconstruction and Development ("EBRD") today announced that they have agreed to sell Black Sea Oil & Gas S.A. and BSOG Holding Activity S.A. (together, "BSOG"), Romania's largest offshore natural gas producer, to Mazarine Energy B.V. ("Mazarine"). The transaction is subject to customary regulatory approvals.

Under Carlyle's ownership, BSOG, as operator, has led, on behalf of itself and its joint venture partners, the investment of more than $400 million in the Midia Gas Development ("MGD") project, the first offshore hydrocarbon production hub in the Romanian Black Sea in more than 30 years. The project included the development of the offshore Ana platform, a 126-kilometre subsea pipeline and the new onshore gas treatment plant at Vadu. Since coming online in June 2022, BSOG has supplied approximately 12% of Romania's domestic gas demand, contributing to the country's energy security during a critical period for European energy markets.

On completion, the transaction will transfer ownership of BSOG to Mazarine Energy, an established European energy company with an existing operating presence in Romania. BSOG will remain the operator of the MGD project, ensuring continuity across the business as it enters its next phase of development.

Carlyle's investment in BSOG over more than a decade, together with the EBRD's support since 2017 and the transition of ownership to Mazarine reflects continued international investor confidence in Romania's energy sector and its ability to attract long-term international capital into strategically important energy assets.

Mark Beacom, CEO of BSOG, said: "Reaching first gas at MGD in 2022 was the result of the willingness and perseverance of the BSOG team and long-term commitment, significant investment and strong support from Carlyle and EBRD. BSOG looks forward to continued success in its efforts in Romania with its new shareholder, Mazarine, which is well placed to further contribute to Romania's energy security."

Bob Maguire, Co-Head of Carlyle International Energy Partners ("CIEP"), said: "When Carlyle invested in BSOG in 2015, the company was an exploration-stage business. Over the past decade, BSOG has evolved into Romania's leading offshore gas producer and an important contributor to domestic energy supply. The business demonstrates how patient, disciplined private capital can support complex offshore infrastructure, and we are pleased to transfer ownership to Mazarine, which shares our long-term commitment to Romania and its energy sector."

Guido Funes Nova, Co-Head of CIEP, said: "With significant remaining resources, as well as the carbon capture and storage ("CCS") development potential in the Midia block and a pipeline of biomethane projects, we believe BSOG has a strong platform for long-term growth, supported by the proven strength of its organisation."

Edward van Kersbergen, CEO of Mazarine Energy, said: "Romania has been a core part of Mazarine's business since 2017, and we are proud to build on that presence with BSOG. MGD is a major achievement for the country's energy security, and we want to build on what the BSOG team has accomplished and contribute to Romania's energy security for years to come. We thank Carlyle and the EBRD for their trust and look forward to working with the BSOG team, our partners and the Romanian authorities."

Victoria Zinchuk, EBRD Regional Head of Romania, Bulgaria and Greece, said: "BSOG's development into Romania's leading offshore gas producer is a significant achievement. Since the EBRD invested in 2017, the company has brought an important offshore resource into production, contributing to the diversification and security of Romania's energy supply. This is a strong example of how long-term investment can support private-sector development while delivering benefits for the wider economy."

Jefferies served as financial advisor to Carlyle in connection with the transaction.

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About BSOG

BSOG is a Romanian-based independent energy company that, as a 70% owner and the operator, developed the MGD project. BSOG continues to target further development of offshore gas resources and, using its vital MGD infrastructure, is pursuing the development of green energy projects such as offshore wind, by utilizing its existing offshore energy corridor and lands and CCS through the use of its existing onshore and offshore infrastructure. BSOG is also pursuing the development of biomethane plants through its wholly owned subsidiary BSOG Energy.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Carlyle AlpInvest. With $485 billion of assets under management as of June 30, 2026, Carlyle's purpose is to connect people, ideas and capital to fuel growth for companies and performance for investors. Carlyle employs more than 2,500 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X at @OneCarlyle and LinkedIn at The Carlyle Group.

About Mazarine

Mazarine Energy is an independent oil and gas company focused on exploration, development and production in Europe, North Africa and the MENA region. Founded in 2013 by Edward van Kersbergen, it produces in Tunisia and Romania and entered the Dutch energy market in 2026 with the acquisition of a 50% stake in Wintershall Noordzee B.V. The company has a strong track record in exploration as well as extensive knowledge in extending the life of mature fields and unlocking stranded reserves with proven technology. For more information, visit mazarine-energy.com.

Media Contacts:

Carlyle:
Charlie Bristow
Phone: +44 7384 513568
[email protected]

BSOG:
Ana-Maria Pericleanu
Phone: +40 21 231 32 56
[email protected]

Mazarine:
Sophia Griffioen
Phone: +31 (0)70217460
[email protected]