CONDITIONAL OFFER (MOU) FOR PETRORIG I FROM AN INTERNATIONAL DRILLING CONTRACTOR.

Petrorig I Pte Ltd a company 100% controlled by Petromena ASA, has signed a Memorandum of Understanding with an international drilling contractor for the sale of the drilling rig Petrorig I for Usd 450 mill.

Contactperson
Mr Lars Moldestad : lars.moldestad@log-ior.no

Bergen/ Oslo 22 March 2009-03-27

This information is subject to the disclosure requirements acc.to 5-12 vphl (Norwegian Securities Trading Act)

About Us

PetroMena ASA is single purpose company for the construction and ownership of state-of-the art ultra deepwater drilling rigs. The rigs are identical, rated for 10,000 ft water depth/40,000 ft drilling depth and quarters for 164. The rigs’ design has been enhanced harsh environment upgrades in power, station keeping capabilities, increased air gap, payload and freeing up deck space not found in other rigs of the same basic design. These upgrades make the rigs well suited for worldwide harsh environment operation. All 3 rigs have secured long term contract from delivery from yard, scheduled January 2009, September 2009 and January 2010 respectively. Jurong Shipyard is a subsidiary of SembCorp Marine Ltd (”SCM”), one of Asia’s world leading rig and offshore construction group.