PetroMENA Successfully Completes Private Placement

The private placement was fully subscribed, and the board of directors of PetroMENA is pleased with the response from both existing shareholders and new investors.

PetroMENA will issue a total of 47,000,000 new shares (16.1 percent of the existing share capital), at a subscription price of NOK 5.00 per share, corresponding to total gross proceeds of NOK 235.000.000 (approximately MUSD 37.3).

After registration of the private placement, the number of shares in PetroMENA AS will increase from 291,030,000 to 338.030.000, each with a par value of NOK 5.0 per share, which corresponds to a share capital increase from NOK 1,455,150,000 to NOK 1,690,150,000.

The proceeds from the private placement will be used to fund PetroMENA's construction program at the Jurong shipyard in Singapore. The Board of PetroMENA believes that the planned private placement will strengthen PetroMENA's planned application for a listing on the Oslo Stock Exchange, as the equity financing risk is reduced ahead of the IPO. PetroMENA intends to start the application process in September 2006.

PetroMENA has two (PetroRig I and II) 6th generation ultra deepwater semisubmersible drilling rigs, equipped for harsh environment operations, under construction at the Jurong shipyard in Singapore. PetroRig I has secured a five-year contract with Petrobras, commencing upon delivery of the rig in 2009. Larsen Oil & Gas Ltd. is marketing PetroRig II world-wide, and has been approached for possible long-term engagements upon delivery.

The private placement was managed by ABG Sundal Collier.


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