Jurong Shipyard Improves Delivery Date for Petrojack III

Larsen Oil & Gas AS as business manager for PetroJack ASA has worked with Jurong Shipyard Pte Ltd, to improve delivery date by 6 months from December 31, 2008 to June 30, 2008.

The parties have agreed the new delivery date, and estimate all remaining subjects to be agreed and lifted second half of August 2005.

Petrojack ASA has 3 jackups under construction with Jurong Shipyard Pte Ltd with deliveries, March'07, January and June'08 respectively.

Jurong Shipyard Pte Ltd, Singapore, is the main subsidiary of major Asian engineering services group SembCorp Marine Ltd, and one of the world's leading offshore and ship building groups.

Apart from JSPL, SCM has other well known shipyards such as PPL and Sembawang.

SCM is one of the top two recognized rig-builder groups in the world, having constructed a significant number of rigs of various types and sizes.

Mr. Berge G. Larsen, Owner of PetroJack's management company Larsen Oil & Gas, major shareholder and board member of PetroJack says:

"We are very happy with the relationship which has been built up with the SCM Group in general and Jurong Shipyard in particular over the past two years as managers for PetroJack's building program. This revised and improved delivery date which is obtained without either party incurring additional costs is another proof of goodwill and professionalism extended by Jurong Shipyard/SembCorpMarine."

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