PETROJACK ASA - ADDENDUM TO SALE AND PURCHASE AGREEMENT REGARDING PETROJACK II

Reference is made to the notice from the bondholders meetings on 19 November 2008 in all of Petrojack ASA’s (the “Company”) three bond loans with ISIN NO 001031832.2, ISIN NO 001031831.4 and ISIN NO 001036291.6 (the “Bond Loans”).

The Company’s subsidiary Petrojack II Pte Ltd (the “Subsidiary”) has now signed a sale and purchase agreement with Saipem (Portugal) Comercio Maritimo S.U. LDA (“Saipem”) regarding sale of the Subsidiary’s jack-up drilling rig Petrojack II (the “Rig”) to Saipem. The two parties have agreed on a purchase price of USD 199,125,000 with effective date on 8 January 2009. Simultaneously, the Subsidiary shall compensate Saipem with USD 800,000, related to rig spares. This sales and purchase agreement replaces the bilateral put/call option for sale of the same rig that was signed 5 February 2008 and announced on 6 February 2008.


Following the sale of the Rig, the Company will redeem bonds in accordance with the amended loan agreements in the Bond Loans, approved on the bondholders meetings on 19 November 2008.

Petrolia Drilling ASA owns 39,9% of the shares outstanding in Petrojack ASA.


Bergen, 17 December 2008

Petrojack ASA

Contact : Mr. Lars Moldestad: + 47 906 99 197