Saipem Portugal Acquires Petrojack II Rig for $199MM

Reference is made to the announcement made on December 17, 2008 regarding the sale and purchase agreement for the rig Petrojack II. The sale of Petrojack II to Saipem (Portugal) Comercio Maritimo S.U. LDA
has now been completed at the price that was as announced on December 17, 2008. The two parties have agreed on a purchase price of US $199,125,000.

Following the sale of the Rig, the Company will redeem bonds in accordance with the amended loan agreements in the Bond Loans,  approved on the bondholders meetings on November 19, 2008. The redemption will take place as soon as practically possible.

After redemption of bonds has taken place, the remaining net proceeds from the sale described above will be used to pay the final yard installment for Petrojack IV.

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