PETROMENA ASA – POSTPONEMENT OF YARD INSTALMENT AND BANK FINANCING

Reference is made to the Company Update distributed on 19 December 2008 and the notice from PetroMENA ASA (the Company) distributed on 2 February 2009 regarding postponement of the second last yard installment for Petrorig 3 as well as the financing of the remaining funding need for Petrorig 1.

The Company is pleased to announce that the Company’s subsidiary Petrorig III Pte Ltd and Jurong Shipyard have signed an agreement regarding the postponement of the USDm 105 yard installment related to Petrorig 3 that was due on 31 January 2009. Under the new agreement between the parties, the abovementioned installment will be due on delivery date for Petrorig 3.

Furthermore, the Company’s subsidiary Petrorig I Pte Ltd has received a commitment letter from Lloyds TSB Bank plc, which is subject to the satisfaction of certain terms and conditions set out therein, regarding the financing of USDm 200 out of the USDm 300 required bank debt for Petrorig 1 under a USDm 300 1st lien structure.

The Company is working actively with another bank to provide the other USDm 100 under the loan structure.


Bergen/Oslo, 17 February 2009

PetroMENA ASA, Board of Directors

For further information, please contact
Mr. Lars Moldestad: e-mail : lars.moldestad@log-ior.no