Petrojack ASA evaluates strategic options - seeks restructuring of debts

Petrojack ASA (ticker: “JACK”) (“Petrojack”) has initiated a process to evaluate its strategic options and restructure its financial liabilities. As previously announced, cf. inter alia the notice for the extraordinary general meeting on 19 October 2009, Petrojack is due to pay instalments on its bond loans in an aggregate amount of approximately USD 55 million during April and May 2010, and Petrojack’s cash flow will not be sufficient to service said repayments. Initiatives at raising capital in the market have not succeeded as they have not been approved by the shareholder meeting of Petrojack. The existing shareholders have also declined to contribute new capital. Petrojack is thus in a distressed situation, where a restructuring of its financial liabilities, mainly its three secured bond loans, is necessary for Petrojack to ensure continued operations as a solvent company. Petrojack will seek to communicate with all its main financial creditors, and will this week carry out discussions with its bondholders through their trustee, Norsk Tillitsmann ASA. Petrojack ASA Board of Directors Bergen/Oslo, 23 November 2009