PETROJACK ASA SUMMONS TO BONDHOLDER`S MEETINGS IN ALL THREE BOND LOANS OF THE COMPANY

Petrojack ASA (“Petrojack”) summons to bondholders’ meetings in all three bond loans (the “Loans”) of the company (ISIN NO 001031832.2, ISIN NO 001031831.4 and ISIN NO 001036291.6). Please find attached the summons letter which also is available at the web pages of Norsk Tillitsmann (the Trustee) www.stamdata.no. The summons letter will be distributed to all bondholders trough the Norwegian Central Securities Depositary (“Verdipapirsentralen”).

Petrojack ASA has through its 100% owned subsidiary Petrojack IV Pte Ltd a jackup rig (Petrojack IV) under construction at Jurong Shipyard in Singapore with expected delivery date mid January 2009. Petrojack is approaching Saipem to accelerate the timing of the potential sale of Petrojack II to Saipem to January 2009 (from the previous announced put/call option date of 28th March 2009). In connection with this, Petrojack proposes certain amendments in the loan agreements for the Loans. If accepted, such amendments will become effective only upon completion of the sale of Petrojack II to Saipem at the latest 25th January 2009.

The bondholders’ meetings are summoned at 19th November 2008 for all three Loans.

Pareto Securities AS is acting as Petrojack’s financial advisor.


Bergen, 7 November 2008

Petrojack ASA