PRELIMINARY RESULT AS PER 4TH QUARTER 2009.

Reference to the stock exchange notice 12 January 2010. The Board of Directors of Petrojack ASA has decided to change the date for the presentation of the prelimininary 4th Quarter Result 2009 for Petrojack ASA. Operation and business management Petrojack has 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 gross operating rate of USD 152,500 per day. Gross operating income is amended with 5% reduced rate, opex and LOG operating fee. 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 has guaranty work on some equipment and the operating rate has therefore been reduced by 5%. In addition, Petrojack holds 24.99 % of Petrolia Drilling ASA. Due to the company’s financial position the Board of Directors has engaged a financial advisor to explore strategic opportunities regarding this investment, including the possible divestment of the shares. Petrojack II, an identical rig to Petrojack IV, 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 2008. 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 instalment 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 to service its bond loans and tax liabilities. Petrojack remains in a distressed financial situation and is in dialogue with its key creditors considering its options, see page 4 below. LOG/Petrojack IV Pte Ltd is the drilling contractor for Petrojack IV, and has entered into a drilling contract with PTTEP regarding Petrojack IV. Previously Petrojack has presented gross income from Petrojack IV, while the correct presentation of the three parties’ contract is net income based on interpretation of the agreement. In Q4 2009, Petrojack has changed its accounting principle regarding the income for Petrojack IV to reflect underlying reality. The total income is presented as net income from the drilling operation in Thailand. Profit and loss Year to date 2009 Petrojack’s revenues in 2009 were USD 33.6 million compared to USD 34.3 million in 2008. The revenues in 2009 came from net operation in Petrojack IV, USD 27.3 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. The income in 2008 relates mainly from gain of sale of Petrojack II. The company has changed its presentation of income and expenses related to the drilling operation in Thailand in Q4. Net income each quarter has been presented in note 2 for presentation purposes. Total net income from the contract is TUSD 80.0 each day in 2009. The operation has been successfully in 2009. Change of presentation from gross income to net income from the drilling operation gives unchanged operation profit. Petrojack’s operating expenses of USD 15.1 million includes expenses for third party wages, consumables and supplies, management services and various other administrative expenses. Operating profit before depreciation and impairment was USD 18.5 million in 2009 compared to USD 21.3 million in 2008. Due to the financial status and default of the company’s bond loan, Petrojack has impaired the rig value based on external rig brokers’ valuation. The total impairment is amounted to USD 70.2 million and depreciation as of USD 9.1 million in 2009. Total impairment includes all financial expenses related to the construction of the rig previously recognized on construction contract, and also currency conversion and acquisition costs of contract. Hence the book value of Petrojack IV yearend reflects construction costs excluding financing expenses. In 2009 operating loss was USD 60.8 million, compared to a profit in 2008 with USD 17.8 million. Result from associated companies includes Petrojack’s share of the results from Petrolia Drilling ASA. In Q4 the company has booked the share to marked price per 31.12.09. Net financial expenses in 2009 were USD 45.2 million. Net financial expenses include net unrealized currency loss of USD 21.5 million from Petrojack’s debt nominated in NOK, interest expenses in 2009 of USD 15.0 million and other financial cost of USD 12.4 million mainly related to the default of the bond loans. The net financial also includes interest income and agio. The net result year to date 2009 was USD -110.9 million compared to USD -124.8 million year to date 2008. 4th quarter 2009 In Q4 the company changed its presentation of the operation of Petrojack IV as mention above. The effect of change of presentation is presented in the Q4 figures in 2009 and explained in note 2. Petrojack’s revenues presented in the fourth quarter 2009 were USD 9.7 million compared to USD 18.6 million in the fourth quarter 2008. The net income from operation of Petrojack IV in Q4 was USD 7.8 million which is USD 84 per day. Operating profit before depreciation and impairment was USD 3.5 million in the fourth quarter 2009 compared to USD 15.5 million in the fourth quarter last year. Petrojack’s operating expenses of USD 6.2 million in the fourth quarter 2009. Operating expenses includes primarily expenses for operation of the office in Thailand, management services, spares expenses and various other administrative expenses. Due to the financial status and default of the company’s bond loan, Petrojack has impaired the rig value based on the external rig brokers’ valuation. The total impairment is amounted to USD 70.2 million in 2009. Total impairment includes all financials expenses related to the construction of the rig previously recognized on construction contract, and also includes currency conversion and acquisition costs of the company. Fourth quarter 2009 operating loss was USD 68.0 million, compared to profit in Q4 2008 with USD 18.4 million. Result from associated companies includes Petrojack’s share of the results from Petrolia Drilling ASA. In Q4 the company has booked the share to marked price per 31.12.09. Net financial expenses in fourth quarter 2009 were USD 10.5 million. This is mainly related to interest expenses to the company’s bond loan of USD 3.7 million and redemption price related to the default bond loans of USD 6.6 million. The net result in the fourth quarter 2009 was USD -61.0 compared to USD -21.3 million in the fourth quarter 2008. The Board of Directors has engaged a financial advisor to explore strategic opportunities regarding the company’s non-operating assets, including the possible divestment of the 25% ownership interest in Petrolia Drilling ASA. The board is considering all options, including a disposal of Petrojack’s assets and the board has decided to accrue for cost related to the liquidation/dissolution of Petrojack. Based on todays estimate of the realisation value of the assets all creditors will not be fully paid. The BoD will shortly call for an EGM, as a disposal of the rig and liquidation/dissolution of Petrojack is subject to the decision of the general assembly. Enclosure : Preliminary result as per 4th quarter 2009. For further information, please contact : Erik Solheim, Chairman of the Board of Directors of Petrojack ASA, Phone: +47 91 15 20 31. Bergen/Oslo, 24 February 2010 Board of Directors