PetroJack Resumes Marketing of Jackups

Following Wednesday's expiration of the its marketing and purchase option agreement with Transocean, PetroJack announced that Transocean has not indicated an intent to purchase the PetroJack I, II, and/or III jackup rigs.

PetroJack--through its manager, Larsen Oil and Gas--has since resumed the sole right to market the three jackups and to talk to potential charterers and buyers for the allocation/disposition of the rigs. The rigs are under construction in Singapore.

PetroJack contends that the market--in terms of both asset value predictions and operations day rates--has improved significantly since it signed the agreement with Transocean this past January. The market outlook (external evaluation) reportedly predicts that long-term (2-5) contracts at US$180,000 per day or more are achievable within the near future.

According to PetroJack, Transocean carried out a full due diligence of the company and considered the rigs technically and operationally suitable. The three jackups have delivery dates of March 2007, January 2008, and June 2008. They reportedly are on schedule to be delivered on or before these dates.

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