STATUS PETROMENA ASA

Reference is made to previous stock notices and in particular the 2nd notice of 26.08.2009 to PetroMENA`s creditors, bondholders and shareholders, about possible tortuous interference claim for up to USD 3 billion. This stock notice resulted in certain actions from Norsk Tillitsmann (NT) and their bondholders representatives AMA Capital Partners and their closely related party Seadrill. Seadrill Management AS letter (attached) threatened to pursue the board of PetroMENA ASA through the courts, instead of answering the discovery issues raised in the 2nd Notice. The other response was an undated notice received from the chairman of NT, John Solbu Braaten (attached) where NT has requested the Oslo Enforcement Court to open bankruptcy proceedings for PetroMENA ASA. No official notices have been received. PetroMENA ASA refers to previous claims for damages against NT, AMA Capital Partners and bondholders and will reject the notice of bankruptcy. NT`s ability as enforcer of actions against companies on behalf of bondholders is subject to legal proceedings (ref. Thule Drilling case). Since only disputed claims from NT is subject to the bankruptcy proceedings, it seems that NT`s motion should be rejected by the courts. PetroMENA ASA Lars Moldestad, CEO

About Us

PetroMena ASA is single purpose company for the construction and ownership of state-of-the art ultra deepwater drilling rigs. The rigs are identical, rated for 10,000 ft water depth/40,000 ft drilling depth and quarters for 164. The rigs’ design has been enhanced harsh environment upgrades in power, station keeping capabilities, increased air gap, payload and freeing up deck space not found in other rigs of the same basic design. These upgrades make the rigs well suited for worldwide harsh environment operation. All 3 rigs have secured long term contract from delivery from yard, scheduled January 2009, September 2009 and January 2010 respectively. Jurong Shipyard is a subsidiary of SembCorp Marine Ltd (”SCM”), one of Asia’s world leading rig and offshore construction group.

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