PRELIMINARY RESULT AS PER 3rd 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 operating rate of USD 151,000 per day. The company is very satisfied with the operation of the rig with full utilization. The rig has been awarded for efficient operation several times. The shipyard is carrying out guaranty work on some equipment and the operating rate is therefore temporary reduced by about USD 5,00 each 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 the drilling contractor for Petrojack IV. Financial Information (All figures in USD million) The financial data have been prepared in accordance with IFRS. 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. Petrojack is currently not generating sufficient cash flow to pay all its instalments on its three bond loans, which are due in April and May 2010. 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 is communicating with Norsk Tillitsmann ASA, who represents the bondholders in Petrojack’s three bond loans, in respect of such restructuring. See more information under "Events after the balance sheet date on page 4 Profit and loss Year to date 2009 Petrojack’s revenues in the first 9 months 2009 were USD 39.7 million compared to USD 15.7 million in the same period 2008. The revenues came from operation in Petrojack IV, USD 34.9 million and USD 4.8 million in profit from sale of drilling equipment. Petrojack IV started on a contract with PTTE on 23 January 2009. Operating profit before depreciation was USD 15.0 million in the first 9 month 2009 compared to USD 5.8 million in the same period last year. Petrojack’s operating expenses of USD 24.7 million includes primarily expenses for operation and mobilization of Petrojack IV, management services and various other administrative expenses. First nine month 2009 operating profit was USD 7.2 million, compared to USD -0.6 million in the same period of 2008. Result from associated companies includes Petrojack’s share of the results from Petrolia Drilling ASA. Net result in first nine month 2009 is incorporated with USD -22.4 million compared to USD -106.1 million in same period of 2008 which also reflect incorporated result and impairment from its investments in Petrolia Drilling ASA and PetroProd Ltd. Net financial expenses in first nine month 2009 were USD 34.7 million. Net financial expenses include net unrealized currency loss of USD 21.9 million from Petrojack’s bonds nominated in NOK and interest expenses in first nine month 2009 of USD 13.4 million. The net result year to date 2009 was USD -49.9 million compared to USD -103.5 million year to date 2008. 3rd quarter 2009 Petrojack’s revenues in the third quarter 2009 were USD 18.2 million compared to USD 9.5 million in the third quarter 2008. The revenues came from operation of Petrojack IV, USD 13.4 million and USD 4.8 in profit from sale of equipment. Operating profit before depreciation was USD 9.9 million in the third quarter 2009 compared to USD 6.6 million in the third quarter last year. Petrojack’s operating expenses of USD 8.2 million in the third quarter 2009 includes primarily expenses for operation of Petrojack IV, management services and various other administrative expenses. Third quarter 2009 operating profit was USD 7.2 million, compared to USD 3.7 million in the third quarter 2008. Result from associated companies includes Petrojack’s share of the results from Petrolia Drilling ASA. Net result in the third quarter 2009 is incorporated with USD -13.2 million compared to USD -88.9 million in the third quarter 2008 which also reflect incorporated result and impairment from its investments in Petrolia Drilling ASA and PetroProd Ltd. Net financial expenses in third quarter 2009 were USD 15.9 million. Net financial expenses include net unrealized currency loss of USD 12.0 million from Petrojack’s debt nominated in NOK and interest expenses in the third quarter 2009 of USD 3.9 million. The net result in the third quarter 2009 was USD -21.9 compared to USD -59.7 million in the third quarter 2008. Enclosure: Preliminary result as per 3rd quarter 2009 For further information, please contact: Mr. Terje Hellebø, e-mail:mail@petrojack.no Bergen/Oslo 27 November 2009 Board of Directors