PETROJACK - OTHER ANNOUNCEMENT

Reference is made to an article in the Norwegian newspaper Dagens Næringsliv today, 26 May 2009. The book value of PetroJack IV, which was completed and delivered in January 2009, reflects the cost price of the rig of MUSD 242, including last installment of MUSD 64 paid to shipyard in Q1 2009. Petrojack’s accounts are prepared in accordance with IFRS, and the valuation of the rig was approved by the auditor in the annual accounts for 2008. In addition, the book value of Petrojack IV reflects the value of the contract with the state-owned Thai oil company PTT, which Petrojack IV embarked on upon delivery in January 2009 – the contract has a total gross value of MUSD 272 over 5 years. Petrojack IV has an expected useful life of minimum 30 years. PetroJack ASA Bergen/Oslo, 26 May 2009.