PETROMENA ASA- PRELIMINARY RESULT AS PER 1ST QUARTER 2009

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 all have an 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 the second quarter 2009 (PetroRig I), third quarter 2009 (PetroRig II) and first quarter 2010 (PetroRig III). PetroMENA also owns 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. With reference to the financing PetroMENA has received default notices from Norsk Tillitsmann, the loan trustee for all bond loans in PetroMENA Group. PetroMENA reject that any default exist, see further information in the annual report. 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 USD million 700 for PetroRig I, USD million 645 for PetroRig II and USD million 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 USD million 269. PetroMENA has received memorandum of understanding (MOUs) related to sale of all rigs under construction. The Company is of the opinion that, due to the default notices from Norsk Tillitsmann, the preferred alternative for both creditors and current shareholders is sale of PetroRig I and PetroRig II. In accordance to this the book value of the new buildings are impaired to fair value less cost to sale as of 31 December 2008. In first quarter PetroRig I and PetroRig II are reclassified to assets held for sale. A Memorandum of Understanding (“MOU”) has been signed for PetroRig I at USD million 450 and PetroRig II at USD million 425. A potential sale of PetroRig I and PetroRig II requires early redemption of the 9.75 % bond loan and partial redemption of the 10.85 % bond loan. The Company will seek to establish financing for the remaining installments related to construction of PetroRig III from Lloyds and/or other banks in order to take delivery of PetroRig III and recover shareholder values through future cash flow from the five year drilling contract entered into with Pemex, representing a total value of USD million 942. CONSTRUCTION AND MANNING There have been no lost time accidents on the planning and construction of the rigs. Jurong Shipyard Pte Ltd has delivered two semis in a series of seven units of the Friede Goldman Design. Delivery was on budget and time and proves the shipyard’s ability to deliver complex turnkey contracts. A manning plan and schedule is developed for each vessel to crew up the vessel in a structured and planned mode. The key personnel are sourced first and the lower rankings are sourced last. Jurong Shipyard completed the construction of the semi-submersible rig, PetroRig I, and was ready to deliver the vessel in April. However, as PetroMENA was not able to reach agreement on certain proposed amendments to the loan agreements with its bondholders, therefore PetroMENA was not able to secure financing and payment of the last installment to Jurong and has consequently not been in a position to take delivery of PetroRig I. Singapore court has decided that the case shall be fully argued ultimo May 2009. Pending further hearing PetroRig I is not to be taken out of Singapore without prior notice to the court. On April 28, Jurong terminated the construction contract for PetroRig I, and have subsequently nominated a rig broker to auction the rig off to the highest bidder. The process is expected to be finalized shortly. FINANCIAL INFORMATION (All figures in USD million) Profit and loss First quarter 2009 - PetroMENA’s revenues in the first quarter 2009 was USD million 21.3 compared to USD million 14.0 in first quarter 2008. Revenues in the first quarter relates to SS Petrolia’s contract with Pemex. SS Petrolia performed well under the contract with Pemex during the first quarter. Operating profit before depreciation was USD million -7.0 in the first quarter 2009 compared to USD million 3.3 in the first quarter last year. During first quarter the contribution from SS Petrolia to operating profit before depreciation was approximately USD 12.2 million. SS Petrolia is expected to perform in line with first quarter performance going forward. PetroMENA’s operating expenses were USD million 28.3 and include primarily operating expenses for SS Petrolia with USD million 9.1 and rig expenses related to PetroRig I, II and III with USD million 13.4. Other expenses of USD million 5.8 include payment for management services under the contracts with LOG and various other administrative expenses. Depreciation, USD million 3.8 in the first quarter 2009 relates to the 2nd generation semi-submersible drilling unit. Depreciation in the first quarter 2008 started 3rd of February 2008. Net financial expenses in the first quarter 2009 are USD million 35.7. This is mainly related to the unrealized disagio as of 31 March 2009 on the company’s bond loan nominated in NOK of USD million 24.3 and interest expenses in the first quarter 2009 of USD million 7.1 related to the bond loan issued to finance the acquisition of SS Petrolia. The net, after-tax result for the first quarter 2009 was USD million -46.4 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 1st quarter 2009 For further information, please contact: Mr. Lars Moldestad, phone + 47 906 99 197 Bergen/Oslo, 20 May 2009 Board of Directors