Maersk Buys Petrojack Rigs I & III

Petrojack ASA has sold two of its jackup rigs under construction at Jurong Shipyard in Singapore, the PetroJack I and PetroJack III at a combined price of US $420 million to A.P. Moller-Maersk. The sale is constructed as a sale of the shares in the rig owning companies PetroJack I Pte Ltd and PetroJack III Pte Ltd residing in Singapore.

The two jackups are of Baker Pacific Class 375 design. They will be capable of operating in water depths up to 375 feet in Asia Pacific, the Middle East, the Mediterranean, Latin America, West Africa as well as in the harsh environment of the central and southern parts of the North Sea.

The rigs distance themselves from conventional jack-ups in several areas, not least on the drill floor where the highly mechanized equipment leads to increased safety of the crew. The sophisticated drilling equipment will also make the rigs well qualified for drilling deep and difficult wells, including high temperature / high pressure wells.

A total of 120 people can be accommodated on board.

The 2 remaining jack-up rigs in the company's fleet have the same specification

Says Lars Moldestad, Managing Director of Petrojack ASA:

"PetroJack ASA has a strong focus on value creation to our shareholder's. In doing this transaction, we realize significant profits, reduce our exposure to the jackup rig market while still retaining 2 units for delivery mid- and end - 2008 in a period we believe there will be a continued under-supply of premium jackups.

We are pleased to sell to Maersk, a company with whom we have a history and which demand great respect in the international drilling market."

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