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PETROJACK IV – LETTER OF INTENT

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Larsen Oil & Gas Pte Ltd, as drilling contractor, has on behalf of Petrojack IV Pte Ltd, a wholly owned subsidiary of Petrojack ASA, signed a Letter of Intent (LoI) for a long term drilling contract with an undisclosed client. Length of contract is 5 years at a rate of USD 151.000 per day.
Final contract is expected to be signed shortly.

PetroJack IV will mobilize immediately following delivery from Jurong Shipyard, scheduled mid-January 2009.


For further information : please contact Mr. Lars Moldestad, phone : +47 906 99 197.



Bergen/Oslo, 26 August 2008