Larsen Inks 5-Year Drilling Contract for Petrojack IV

Larsen Oil & Gas Pte Ltd, as drilling contractor, has on behalf of Petrojack IV Pte Ltd, a wholly owned subsidiary of Petrojack ASA, signed a Letter of Intent for a long term drilling contract with an undisclosed client. Length of contract is 5 years at a rate of US $151,000 per day.

The final contract is expected to be signed shortly.

PetroJack IV will mobilize immediately following delivery from Jurong Shipyard, scheduled mid-January 2009.

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