PetroJack and Transocean Enter Marketing Deal

With reference to the stock exchange notice dated December 23, 2005 PetroJack ASA has entered into marketing and purchase option agreements with one of the world's largest drilling contractors; Transocean Inc.

PetroJack has granted the exclusive Marketing Rights for a period up to March 15, 2006 for the 3 rigs as well as the option to purchase 1, 2 or 3 rigs until March 15, 2006.

In the Agreement, the sales of Rigs 2 and 3 are made subject to PetroJack ASA shareholders General Assembly approval.

A sale of all three rigs will give an average sales price of approximately US $180 million per rig.

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