PETROJACK ASA- SALE OF PETROJACK II COMPLETED

Reference is made to the announcement made on 17 December 2008 regarding the sale and purchase agreement for the rig Petrojack II.
The sale of Petrojack II to Saipem (Portugal) Comercio Maritimo S.U. LDA has now been completed at the price that was as
announced on 17 December 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. The redemption will take place as soon as practically possible.

After redemption of bonds has taken place, the remaining net proceeds from the sale described above will be used to pay the final yard installment for Petrojack IV.


Bergen, 13 January 2009

Petrojack ASA


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