Awilco Offshore Begins Voluntary Offer Period for Petrojack Shares

Awilco Offshore has commenced the revised voluntary offer for share of Petrojack ASA. The offer is an all-share offer with consideration in Awilco Offshore shares. The revised exchange ratio is 2 Petrojack shares for 1 Awilco Offshore share, improved for Petrojack shareholders from an exchange ratio of 2.31:1.

The offer period starts today, Friday 16 September 2005 and ends 30 September 2005 at 16:00 CET

The offer document has been sent to all registered shareholders of Petrojack as of September 13, 2005 and is available from Awilco Offshore as well as Enskilda Securities and Fearnley Fonds.

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