PetroMena Considering Private Placement

The board of directors of PetroMENA AS intends to carry out a private placement of up to 65,000,000 new shares through a private placement directed towards professional and institutional investors.

ABG Sundal Collier has been retained as financial advisor in connection with the private placement.

On January 25, 2007, PetroMena announced the exercise of its third rig (PetroRig III) at the Jurong Shipyard in Singapore. The proceeds from the planned private placement will be used to finance the first yard payment (15%) on PetroRig III. On January 23, 2007, PetroMena announced the issue of a MNOK 1,600 bond loan by PetroRig III for the financing of the new rig.

PetroMENA has three 6th generation ultra deepwater semisubmersible drilling rigs, equipped for harsh environment operations, under construction at the Jurong shipyard in Singapore. PetroMena has secured five-year contracts with Petrobras upon delivery of PetroRig I and II.

Following the planned private placement, the Board of Directors of PetroMena intends to seek stock exchange listing as soon as possible.

The planned private placement is subject to board approval.