PETROJACK ASA - PRELIMINARY RESULT AS PER HALF YEAR 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. H1 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 1st half year 2009 Petrojack’s revenues in the first half year 2009 were USD 21.6 million compared to USD 6.2 million in the first half year 2008. The revenues mainly came from Petrojack IV. Petrojack started on a contract with PTT on 23 January 2009. Operating profit before depreciation was USD 5.1 million in the first half year 2009 compared to USD -0.8 million in the first half last year. Petrojack’s operating expenses of USD 16.4 million includes primarily expenses for operation and mobilization of Petrojack IV, management services and various other administrative expenses. First half year 2009 operating profit was USD 0.1 million, compared to USD -4.4 million in first half year 2008. Result from associated companies includes Petrojack’s share of the results from Petrolia Drilling ASA. Net result in first half year 2009 is incorporated with USD -9.2 million compared to USD -17.2 million in first half year 2008 which also reflect incorporated result from PetroProd Ltd. Net financial expenses in first half year 2009 were USD 18.8 million. Net financial expenses include net unrealized currency loss of USD 9.8 million from Petrojack’s bonds nominated in NOK and interest expenses in first half year 2009 of USD 9.4 million. The net result in the first half year 2009 was USD -28.0 million compared to USD -43.8 million in the first half year 2008. Enclosure : Preliminary result as per 2nd quarter - 1st half year 2009. For further information, please contact : Mr. Lars Moldestad, phone +47 906 99 197. Bergen/Oslo, 27 August 2009 Board of Directors