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 the Boards of PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig III Pte Ltd were replaced 10 April 2009, by NT with people appointed by NT. On 17 May 2009 NT also filed for Chapter 11 protection under New York Bankruptcy court for PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig III Pte Ltd, which were accepted by the court even without any particular connection for the companies to the US. PetroRig I was sold, by Jurong shipyard, for approximately USD million 460 in the end of June 2009 and approximately USD million 205 was transferred to the bankruptcy administrators. The settlement from the sale is still pending in the Bankruptcy court in New York, expected to have a final distribution among the creditors in Q1/2010. PetroMENA has not received copies of the relevant contracts from the sale from Jurong to Diamond yet. Both Jurong and other parties have been contacted to obtain these contracts. PetroRig II was sold on an auction conducted by the Chapter 11 attorneys, Akin Gump in New York, bringing the estate of PetroRig II USD 489 million (including USD 251 million owed to Jurong). The settlement from the sale is still pending in the Bankruptcy court in New York, expected to have a final distribution among the creditors in Q1/2010. PetroRig III is as of 5 November 2009 set up for auction to be conducted in the same manner as for PetroRig II, taking place in New York 3 December 2009. There is a minimum sales price on the rig for USD 523.9 million, set by the bankruptcy court in New York. The settlement from the sale in the Bankruptcy court in New York is expected to have a final distribution among the creditors in Q1/2010. PetroMENA has during the Chapter 11 proceedings been working to find good and lasting solutions for the Rigs. Restructuring plans have been forwarded to NT. PetroMENA has not been successful in obtaining such solutions with the parties involved. PetroMENA is considering legal actions against the parties involved. Suspension of trading on Oslo Stock Exchange On May 28, 2009 the company's shares were suspended from the exchange until further notice. The decision was made in light of the current situation and development of PetroMENA and its subsidiaries, and in particular PetroMENAs capacity to comply with the Continuing obligations (Section 3 - Continuing duty of disclosure). The Exchange will continue to review the situation and will inform the market accordingly if the status changes. Operation and business management PetroMENA 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. Jurong Shipyard completed the construction of the semi-submersible rig, PetroRig I and PetroRig II for delivery in April 2009 and September 2009. However, as an agreement could not be reached on certain proposed amendments to the loan agreements with its bondholders, PetroMENA was not in a position to take delivery of PetroRig I and PetroRig II. Both rigs was sold from the yard to Diamond end of June 2009 and September 2009. PetroRig III is scheduled for delivery in first quarter 2010. 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. PetroMENA has secured long-term drilling contract with Pemex for PetroRig III. The gross value of the contract is estimated to be approximately USD 942 million, respectively, excluding options and possible bonus. The contract will commence upon delivery of the rig from Jurong Shipyard. There have been no lost time accidents on the planning and construction of the rigs. Jurong Shipyard Pte Ltd has delivered three 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. The gross value of the current 913-day contract undertaken by SS Petrolia equals approximately USD 269 million. Financial Information (All figures in USD million) Highlights 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. Subsequently the Boards of PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig III Pte Ltd were replaced 10 April 2009, by NT with people appointed by NT. According to definitions of control in IAS 27 PetroMENA considers that control over the subsidiaries PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig III Pte Ltd has been lost without a change in absolute or relative ownership levels. Although PetroMENA is no longer in control of the Singapore subsidiaries, it will report Q3 numbers based on best available information (best estimate). The subsidiaries are however not consolidated in, but are presented as investment in subsidiaries in the consolidated statement of financial position. The net proceeds from these investments are reclassified against short term portion of non current liabilities. Several of the pledges securing the Bond Loan Agreements governed by Norwegian law were enforced by virtue of the pledge taking control over the shares under the Singapore share pledge agreements and taking control over the mortgages of the construction contracts, in April 2009. PetroMENA ASA has not been in control of neither the rig owing companies nor the construction contracts. For all practical purposes the bondholders have decided how and when realization of the actual assets were and will be carried out. The situation is impeded by the opening of US Chapter 11 proceedings in the subsidiaries. PetroMENA ASA has neither nor received financial reports from the subsidiaries and/or the court in US dealing with the Chapter 11 proceedings. The realization of the various pledges has become a complex situation involving enforcement and realization regulations from different legal regimes. The Board notes that under Norwegian law, a pledge will be held to have enforced the pledge either when the pledged assets have been acquired, or sold by virtue of a compulsory sale. Considered that pledged assets under Norwegian law cannot be controlled without being enforced and thus realized, the Board has held the date when the de facto control over the pledged assets was undertaken as the realization and hence valuation time. The Board has not yet been able to assess and determine which jurisdiction that is decisive for determining the time of realization, and has further not been able to assess when the share pledges are considered realized under the various deciding jurisdictions. The time for realization, and thus valuation of the remaining claims, is by the Board at this point therefore held to be when actual control was taken over the pledged assets in April 2009. Through NT enforcement of their share pledge of the bond loans PetroMENA has recalculated accrued interests and currency to the time for their enforcement. The date when control is considered lost is set to be April 10, 2009 in the accounts. Hence the subsidiaries PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig III Pte Ltd are not consolidated in the second and third quarter 2009. PetroMENA’s investment in the subsidiaries PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig III Pte Ltd are presented as investment in subsidiaries in the consolidated statement of financial position. Assets and liabilities in subsidiaries were derecognised as from April 1, 2009. Investments in subsidiaries are valued in the balance sheet to estimated future proceeds from realisation of assets in the subsidiaries. The difference between the estimated proceeds from the disposal of the subsidiaries and its carrying amount as of April 1, 2009 are recognized in the consolidated income statement as loss on the disposal of the subsidiaries. Estimated sales price are updated in 3rd quarter with actual sales price for PetroRig II and minimum sales price for PetroRig III USD 523.9 million, set by the bankruptcy court in New York. Profit and loss Year to date 2009 PetroMENA’s revenues in the first nine months 2009 was USD million 71.2 compared to USD 54.6 million in the same period 2008. Revenues in the first nine months relates to SS Petrolia’s contract with Pemex. SS Petrolia has performed well under the contract with Pemex during 2009. Operating profit before depreciation was USD 6.4 million in the first nine months 2009 compared to USD 11.5 million in the same period 2008. During 2009 the contribution from SS Petrolia to operating profit before depreciation was approximately USD 37.4 million. SS Petrolia is expected to perform in line with first nine months performance going forward. PetroMENA’s operating expenses were USD 64.8 million and include operating expenses for SS Petrolia with USD 33.8 million, rig expenses related to PetroRig I, II and III per 31.03.09 with USD 13.4 million and loss on derecognising of assets and liabilities in subsidiary with USD 3.5 million. Other expenses of USD 14.1 million include management services under the contracts with LOG, layer expenses and various other administrative expenses. Depreciation, USD 11.5 million in the first nine months 2009 relates to the 2nd generation semi-submersible drilling unit. Depreciation year to date 2008 was USD 10.0 million, depreciation started 3rd of February 2008. Net financial expenses year to date 2009 are USD -99.8 million. Net financial expenses includes accruals for redemption price of USD 34.3 million related to full redemption of the 9.75 % and the 10.85% bond loans, in addition to this USD 9.8 million of fee on the bond loans are expensed in year to date 2009. Net financial expenses also includes unrealized disagio as of 10 April 2009 on PetroMENA ASA’s bond loan nominated in NOK of USD 16.4 million, unrealized disagio as of 31 March 2009 on PetroRig III Pte Ltd’s bond loan nominated in NOK of USD 10.9 million, interest expenses of USD 25.6 million related to the bond loans. 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 per 31 March 2009. This amount is included in loss from derecognising of assets and liabilities in subsidiaries included in operating revenues in year to date 2009. The net, after-tax result for year to date 2009 was USD -104.9 million compared to USD 29.4 million year to date 2008. 3rd quarter 2009 PetroMENA’s revenues in the third quarter 2009 were USD -34.1 million due to change in the estimated future proceeds from PetroRig I, PetroRig II and PetroRig III. The net proceed YTD is updated with new information after presentation of the half year report, mainly on the sales prices of the rigs, hence the negative income reported in the third quarter. Per 30.06.09 gain on derecognising of assets and liabilities in subsidiaries was USD 59.1 million. This gain is reversed in the third quarter. Total operating revenue from SS Petrolia in the third quarter 2009 was USD 25.0 million compared to third quarter operating income in 2008 with USD 16.4 million. Operating profit before depreciation was USD -54.2 million in the third quarter 2009 compared to USD -2.1 million in the third quarter 2008. During third quarter 2009 the contribution from SS Petrolia to operating profit before depreciation was approximately USD 13.9 million. PetroMENA’s operating expenses were USD 20.1 million and include primarily operating expenses for SS Petrolia with USD 11.1 million and loss on derecognising of assets and liabilities in subsidiary with USD 3.5 million. Other expenses of USD 5.5 million include various other administrative expenses. Depreciation, USD 3.9 million in the third quarter 2009 relates to the 2nd generation semi-submersible drilling unit. Net financial income in the third quarter 2009 is USD 2.8 million. Net financial items of USD 2.8 million include interest on bond loans with USD 3.7 million, redemption price on bond loan with USD 4.2 million and USD 1.9 million is expensed fee for the bond loans. Net financial income includes reversal of unrealised currency loss of the company’s bond loan nominated in NOK to 10th of April due to the default situation and interest expenses related to the bond loans. The effect on the result for the third quarter is an unrealised currency gain of USD 12.1 million on PetroMENA’s bond loans nominated in NOK. The net, after-tax result for the third quarter 2009 was USD -55.3 million compared to USD million 62.8 in third quarter 2008. Enclosure:Preliminary result as per 3rd quarter 2009 For further information, please contact: Mr. Leif Holst, e-mail: mail@petromena.no Bergen/Oslo 27 November 2009 Board of Directors