PetroProd's Bond Issue Substantially Oversubscribed

PetroProd Ltd. says that the US $185 million bond private placement is closed and was substantially oversubscribed. The private placement was issued to raise funds for the recently announced construction of an enhanced class CJ70 jackup with delivery in mid-2010.

The new bond will have security in the rig with priority behind debt of US $205 million which is expected to be issued closer to delivery of the unit.

The bond issue will be subject to finalization of loan documentation and completed settlement which is expected to May 24, 2007. The new US $185 million bond will carry a coupon of 10.85% p.a. The bond will have a term of six years and will secure long term financing in connection with the construction of the rig at Jurong Shipyard.

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