Petrojack Working to Improve Rig Delivery Time

As Petrojack reported in August, Lehman Brothers and ABG SundalCollier were appointed as financial advisors.

The market has continued to strengthen for these three jackups with delivery in first quarter 2007, first quarter 2008 and June 30, 2008. The company is working to improve delivery of rigs 2 and 3 by six months.

The company is working along two strategies; selling one or all of the rigs as well as obtaining offers for the shares.

Indicated price levels are US $180 million per rig in average for a US drilling contractor and about NOK 22 per share from a non-US indicator. NOK 22 per share reflects rig values of about US $175 million per rig, as per company estimates.

Delivery time and price level for new rigs and new drilling equipment is continuously increasing reflecting the improvement in the market.

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