Reference is made to stock notice dated 21.09.2009 Petromena ASA has argued to Oslo Byfogdembete that Norsk Tillitsmann ASA is not entitled to file for bankruptcy of Petromena ASA. The Company is of the opinion that such bankruptcy filing should be made by the bondholders in their own names due to that the company should have the possibility to negotiate other debt solution directly with the bondholders and if the bondholders should act tortuous the company should have the possibility to hold each bondholder liable. Oslo Byfogdembete has decided to hear the parties arguments and has postponed the court hearing regarding bankruptcy filing to 29.10.2009. Bergen/Oslo, 09 October 2009.

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.