PetroMena Denies Default on PetroRigs I & III

Reference is made to the latest announcements from the company concerning financing of PetroRig I, hereunder approval given in the bondholder meeting March 11, 2009, and the MOU concerning the sale of PetroRig I and III.

PetroMena has received notice of default for bond loans ISIN: NO 001035264.4 -FRN PetroRig III Pte Ltd, ISIN: NO 001031608.6 - 9.75% PetroMENA ASA and ISIN: NO 001039578.3 - 10.85% PetroMENA ASA.

The main reason for default notice under the FRN loan is the deferred increase of US $50 million as equity. The company has previously stated that the yard has accepted postponement of the US $105 million installment until delivery in January 2010. Consequently also the equity increase of US $50 million could be postponed.

The default notice also includes the failure to take delivery March 31, 2009. The company has no obligation to take delivery March 31. Technical acceptance has taken place and final delivery is expected in a couple of weeks.

It is further argued that sufficient information has not been provided to the bondholders. The company has done its utmost to supply all required documentation.

Therefore the company reject that any default exist.

The company continues to secure financing of PetroRig I in accordance with the bondholders's approval in the meeting March 11, 2009. The company also continues to complete the due diligence on the sale of PetroRig I and III together with the potential buyers.

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