PETROMENA ASA - PRELIMINARY RESULT AS PER 2nd QUARTER 2008

Operation and business management
PetroMENA ASA (“PetroMENA” or the “Company”) has entered into EPC contracts with Jurong Shipyard for the construction of three
6th generation semi-submersible drilling rigs. The semi rigs have operating water depth capacity of 7,500 - 10,000 ft. The units
will thus meet design criteria for operation in areas such as Gulf of Mexico (GoM), Brazil and West Africa. All rigs will be equipped
for harsh environment operations, but will initially not be designed for arctic operations. The rigs are scheduled for delivery in
January 2009 (PetroRig I), September 2009 (PetroRig II) and January 2010 (PetroRig III).

In December 2007, PetroMENA acquired the upgraded 2nd generation semisubmersible drilling rig SS Petrolia. SS Petrolia started on
a 913 day contract for Pemex in the Gulf of Mexico on 3 February 2008.

Larsen Oil & Gas Ltd. is manager for PetroMENA and drilling contractor for PetroMENA’s rigs.

Contract situation
PetroMENA has secured long-term drilling contracts with Petrobras America Inc. for PetroRig I, with Petroleo Brasileiro S.A for
PetroRig II and with Pemex for PetroRig III. The gross values of these contracts are estimated to be approximately MUSD 700 for
PetroRig I, MUSD 645 for PetroRig II and MUSD 942 for PetroRig III, respectively, excluding options and possible bonus.The contracts
will commence upon delivery of the rigs from Jurong Shipyard.

The gross value of the current 913-day contract undertaken by SS Petrolia equals approximately MUSD 269.

Construction progress
There have been no lost time accidents on the planning and construction of the rigs. The construction programs are according to plan
and budget. Jurong Shipyard Pte Ltd has recently delivered the first semi in a series of six units of the Friede Goldman Design.
Delivery was on budget and time and proves the shipyard ability to deliver complex turnkey contract.


Financial Information
(All figures in MUSD)
PetroMENA has with effect from 01.01. 2008 changed functional currency from NOK to USD in accordance with IFRS. The financial figures
are also presented in USD as of H1 2008. All comparative figures have for presentation purposes been changed to USD as presentation currency.


Profit and loss - First half year
PetroMENA expects no material revenues from the rigs under construction before delivery. In the 1st half year 2008 PetroMENA revenues mainly came from the recently acquired upgraded 2nd generation semi-submersible drilling rig, SS Petrolia. The acquisition of SS Petrolia was completed on 14 December 2007 and the operations under the current contract were started on 3 February 2008. SS Petrolia will be PetroMENA’s single source of revenue and cash flow until delivery of the newbuildings from Jurong.


Total revenues in the first half 2008 were mUSD 38.2. H1 2008 operating profit before depreciation totaled mUSD 13.6. PetroMENA’s operating expenses includes primarily operating expenses for SS Petrolia with mUSD 11 and payment for management services under the contracts with LOG, and various other administrative expenses. Depreciation in H1 2008 relates to the 2nd generation semi-submersible drilling unit.


Net financial expenses in H1 2008 are mUSD -40.9. Net financial expenses include the effect of PetroMENA’s change of functional currency from NOK to USD. PetroMENA’s liabilities nominated in NOK were converted to USD as per 30 June 2008. The USD has depreciated during H1 2008 resulting in an unrealized loss of mUSD 22.5 related to the debt nominated in NOK. USD versus NOK has depreciated in H1 from 5,41 to 5,08. In addition, net financial expenses include interest in H1 2008 of mUSD 16.7 related to the bond loan issued in Q4 2007 for financing the acquisition of SS Petrolia.

The net, after-tax result for H1 2008 was mUSD -33.3. The negative net result in H1 2008 was impacted by an unrealized loss on the company’s NOK debt as the USD depreciated mainly during Q1 2008. Interest income and expenses related to the bonds issued to fund construction of the rigs are capitalized under the construction contract in the group balance sheet.


Enclosure : Preliminary result as per 2nd quarter 2008.

For further information please contact : Mr. Lars Moldestad, phone +47 906 99 197.


Bergen/Oslo, 27 August 2008
Board of Directors


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