Awilco & Sinvest to Cooperate on Acquisition of Petrojack ASA

Following discussions that were initiated August 29, 2005, Awilco Offshore and Sinvest have entered into an agreement to cooperate on the acquisition of Petrojack ASA.

The parties have agreed that all future acquisitions of Petrojack shares shall be made on a 50/50 basis.

The parties have agreed that Awilco Offshore's voluntary offer will continue and that an improved offer will not be made.

The parties will seek to co-ordinate their voting at Petrojack's general assembly.

Awilco Offshore ASA owns two accommodation rigs operating in the North Sea. The company has four ultra premium jack-up drilling rigs under construction at PPL and Keppel FELS in Singapore, with options for a further four rigs.

Sinvest ASA has six ultra premium jack-up drilling rigs under construction at PPL and Keppel FELS in Singapore, with options for a further two rigs.

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