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PETROMENA ASA

Reference to stock exchange notice 22 December 2009. PetroMENA ASA has on 23 December 2009 received a notice of delisting from Oslo Børs. Due to the bankruptcy proceedings that PetroMENA ASA is undergoing, Oslo Børs is of the opinion that the company no longer will be able to comply with its continuing obligations as a listed company, and therefore is not suitable for listing. PetroMENA ASA acknowledges this and accepts the delisting of the company's shares from trading on Oslo Axess accordingly. Bergen/Oslo, 30 December 2009.

PRELIMINARY RESULT AS PER 3rd QUARTER 2009

Legal Status On 3 April 2009, Norsk Tillitsmann (NT), on behalf of the bondholders, declared the bonds on PetroRig I, II and III to be in default. The bonds were secured through the shares in the PetroMENA ASA’s (“PetroMENA” or the “Company”) subsidiaries PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig III Pte Ltd as well as the rig construction contracts. The contract operated by SS “Petrolia” was put up as additional collateral for the FRN bond on PetroRig III, and NT has taken actions in the UK towards the manager LOG Ltd, to secure the revenue stream from the contract. Subsequently

STATUS PETROMENA ASA

The Board of Directors of PetroMENA ASA has worked to complete a restructuring of the company and has made a proposal. The proposal has not been accepted by a significant contracting party and creditor. The Chairman of the Board has for this reason resigned with immediate effect. The other Board members, with the exception of Joar Terjesen, have made their Board positions available, but will remain on the Board until a new Board has been elected. Joar Terjesen has been appointed interim Chairman of the Board. An Extraordinary General Meeting will be summoned for the election of a new Board

STATUS PETROMENA ASA

Reference is made to stock notice dated 09.10.2009 concerning Norsk Tillitsmann ASA's bankruptcy petition of PetroMENA ASA. Oslo Byfogdembete has dismissed the petition from Norsk Tillitsmann ASA and has further rejected the petition filed by NTM Refectio III AS. Oslo Byfogdembete has decided that Norsk Tillitsmann ASA is not entitled to file for bankruptcy of PetroMENA ASA due to lack of legal interest, and has rejected the bankruptcy petition from NTM Refectio III AS due to the prohibition against separate debt recovery proceedings from the individual bondholders in the loan agreement

STATUS PETROMENA ASA.

Reference is made to stock notice dated 21.09.2009 Petromena ASA has argued to Oslo Byfogdembete that Norsk Tillitsmann ASA is not entitled to file for bankruptcy of Petromena ASA. The Company is of the opinion that such bankruptcy filing should be made by the bondholders in their own names due to that the company should have the possibility to negotiate other debt solution directly with the bondholders and if the bondholders should act tortuous the company should have the possibility to hold each bondholder liable. Oslo Byfogdembete has decided to hear the parties arguments and has

STATUS PETROMENA ASA

Reference is made to previous stock notices and in particular the 2nd notice of 26.08.2009 to PetroMENA`s creditors, bondholders and shareholders, about possible tortuous interference claim for up to USD 3 billion. This stock notice resulted in certain actions from Norsk Tillitsmann (NT) and their bondholders representatives AMA Capital Partners and their closely related party Seadrill. Seadrill Management AS letter (attached) threatened to pursue the board of PetroMENA ASA through the courts, instead of answering the discovery issues raised in the 2nd Notice. The other response was an

PETROMENA ASA - PRELIMINARY RESULT AS PER HALF YEAR 2009

Legal Status On 3 April 2009, Norsk Tillitsmann (NT), on behalf of the bondholders, declared the bonds on PetroRig I, II and III to be in default. The bonds were secured through the shares in the PetroMENA ASA’s (“PetroMENA” or the “Company”) subsidiaries PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig III Pte Ltd as well as the rig construction contracts. The contract operated by SS “Petrolia” was put up as additional collateral for the FRN bond on PetroRig III, and NT has taken actions in the UK towards the manager LOG Ltd, to secure the revenue stream from the contract. Subsequently

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