PetroMENA Successfully Completes Private Placement

PetroMENA's private placement was significantly over-subscribed, and the board of directors is pleased with the response from both existing shareholders and new investors.

PetroMENA intends to issue a total of 54,000,000 new shares (22.8 percent of the existing share capital), at a subscription price of NOK 7.20 per share, corresponding to total gross proceeds of NOK 388,800,000 (approximately MUSD 60.9).

The private placement is subject to approval by the general meeting in PetroMENA which will be held on 26 April 2006. A summon for the extraordinary general meeting will be distributed to all shareholders today.

After approval and registration of the private placement, the number of shares in PetroMENA AS will increase from 237,030,000 to 291,030,000, each with a par value of NOK 5.0 per share, which corresponds to a share capital increase from NOK 1,185,150,000 to NOK 1,455,150.

The proceeds from the private placement will be used to fund PetroMENA's construction program at the Jurong shipyard in Singapore.

PetroMENA has two 6th generation ultra deepwater, harsh environment, semisubmersible drilling rigs under construction at Jurong, with scheduled delivery in April and December 2009 respectively.

The private placement was managed by ABG Sundal Collier.


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