STATUS PETROMENA ASA

With reference to previous stock notices PetroMENA ASA has received from Norsk Tillitsmann ASA (NT) notice of default for bond loans ISIN: NO 001035264.4 - FRN PetroRig III Pte Ltd, ISIN: NO 001031608.6 - 9.75% PetroMENA ASA and ISIN: NO 001039578.3 - 10.85% PetroMENA ASA). NT without informing PetroMENA have enforced their share pledge in PetroRig I Pte Ltd, II and III all registered in Singapore and appointed new majority board members. NT through the representatives in Petrorig Pte Ltd I, II and III failed to take delivery of SS Petrorig I from Jurong Shipyard on the 28 April 2009. PetroMENA ASA has been informed by NT 18th of May 2009 that the NT's majority of the board members in Petrorig Pte Ltd. I, II and III have filed for Chapter 11 in USA to protect themselves against Jurong's sales process for SS "Petrorig" I. Otherwise NT says that nothing has been changed. PetroMENA has earlier stated that they will hold Norsk Tillitsmann ASA and the bondholders responsible for all passed and future damages. For further information, please contact : Mr. Lars Moldestad, e-mail : lars.moldestad@log-ior.no. Bergen/Oslo, 18 May 2009.