PETROJACK ASA - PRELIMINARY RESULT AS PER 1st QUARTER 2009

Operation and business management Petrojack ASA had one jack-up rig (Petrojack IV) which was delivered in January 2009. Petrojack IV has an operating water depth capacity of 375 feet and drilling depth capacity of approximately 30,000 feet. On the 23rd of January 2009, Petrojack IV started on a five years drilling contract with PTT Exploration & Production Public Company Limited at a rate of USD 151,000 per day. In addition, Petrojack holds 24.99 % of Petrolia Drilling ASA. The investment gives Petrojack exposure to the semi market. Petrojack also holds 36,958,800 shares in PetroProd Ltd, giving a total ownership of 42.3 %. In April 2009 the loan trustee, Norsk Tillitsmann, declared the bond loan in PetroProd in default and grand Court of the Cayman Island appointed KPMG as provisional liquidator. PetroProd was delisted from Oslo Axess in April 2009. Petrojack II was sold to Saipem in January 2009 at a price of USD 198.3 million. Larsen Oil & Gas ("LOG") is manager for Petrojack. Financial Information (All figures in USD million) The financial data have been prepared in accordance with IFRS. The current situation in the financial markets will impact the industry and available funding going forward. Q1 Highlights The contract with Saipem for PetroJack II was signed on February 2008 and the rig was accepted by Saipem April 2, 2008. The 4-year time charter contract had a put / call option structure with one year duration. The contract was presented as a financial lease in the annual accounts. Petrojack II was sold in January 2009 in accordance with the put / call option agreement. The nominal value of the receivable on Saipem of USD 198.3 million was received by Petrojack on January 13th 2009 and the proceeds were used to redeem bonds according to the amended loan agreement. Net proceeds after redemption of bonds were used to pay the final yard installment for Petrojack IV, which was subsequently delivered from the yard. PetroJack IV embarked on a 5-year contract with PTT Exploration & Production Public Company shortly after delivery and mobilization. Profit and loss First quarter Petrojack’s revenues in the first quarter 2009 were USD 7.9 million compared to USD 0.2 million in the first quarter 2008. The revenues came from Petrojack IV. Petrojack started on a contract with PTT on 23 January 2009. Operating profit before depreciation was USD 1.6 million in the first quarter 2009 compared to USD -2.2 million in the first quarter last year. Petrojack’s operating expenses of USD 6.3 million includes primarily expenses for operation and mobilization of Petrojack IV, management services and various other administrative expenses. First quarter 2009 operating profit was USD -0.6 million, compared to USD -3.2 million in first quarter 2008. Result from associated companies includes Petrojack’s share of the results from PetroProd Ltd and Petrolia Drilling ASA. Net result in first quarter 2009 is incorporated with USD -11.9 million compared to USD -9.3 million in first quarter 2008. Net financial expenses in first quarter 2009 were USD 9.4 million. Net financial expenses include the effect of net unrealized currency from Petrojack’s bond loan nominated in NOK as of USD 5.7, interest expenses in first quarter 2009 of USD 5.2 million related to the bond loans. The net result in the first quarter 2009 was USD -21.9 million and first quarter 2008 USD -27.9 million. Enclosure: Preliminary result as per 1st quarter 2009 For further information, please contact: Mr. Moldestad, phone + 47 906 99 197 Bergen/Oslo, 20 May 2009 Board of Directors