Petrojack Declares 1st Option for New Jackup

The Board of Directors of Petrojack ASA has approved a Letter of Intent with Jurong Shipyard of Singapore to build the 1st Option Rig available to Petrojack under the Rig Options Agreement between the Parties.

The Letter of Intent contains firm delivery date, firm contract price of US $127.1 million and an 80% financing during the construction period, secured by allocation of critical steel orders and drilling systems agreed between the parties.

The Option Rig (Petrojack II) will be identical to the rig (Petrojack I) already under construction at Jurong shipyard.

The final order is Subject to Final Agreement of Contract Terms and Board Approval. It is the intent to lift all subjects by June 15, 2005. Delivery time of the rig is January 15, 2008. Petrojack ASA has one further option to construct a similar jack up with Jurong/PPL in Singapore which is also considered favorable in present market conditions.

Jurong and PPL are two of the main yards in the SembCorp Marine Group, which is one of the two major rigbuilder groups in Singapore and worldwide.

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