PetroMena Gearing Up for Third Semisub

PetroMena has an option to construct one additional semisubmersible drilling rig with Jurong Shipyard for delivery in January 2010 at a firm price considered favorable in today's market. PetroMena's recently established Singapore subsidiary PetroRig III has entered into a prepayment agreement with Jurong Shipyard in order to secure timely delivery of critical rig components (drilling system). PetroRig III has made a prepayment to Jurong Shipyard of US $35 million, while the total cost of the drilling system is approximately US $135 million, which is considered favorable.

In case PetroMena decides not to exercise its right to construct a third rig, an agreement has been entered into with Jurong Shipyard for the split of any profits related to the sale of this drilling system.

PetroMena recently agreed to revised delivery dates for both rigs under construction with Jurong Shipyard. The PetroRig I delivery date is moved from April to January 2009, and the delivery date for PetroRig II has been moved from December until September 2009. The improved delivery for the PetroRig I carries an acceleration premium cost of US $5 million, while the improved delivery of the PetroRig II is agreed without any cost to PetroMena.

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