Petrojack Bond Issue Fully Subscribed

Reference is made to stock exchange release dated March 22, 2007 regarding a new bond issue of NOK 350 - 500 million. The bond issue is fully subscribed, NOK 500 million. The board of Directors of Petrojack ASA is pleased with the response.

The bond will be secured by a third priority mortgage in Petrojack's two jackups under construction at Jurong Shipyard, with scheduled delivery in January 2008 and December 2008.

The bond issue will be subject to finalization of loan documentation and completed settlement which is expected to April 19, 2007. The bond has a term of three years and will carry a coupon of 11% p.a.

Pareto Securities ASA has acted as arranger of the new bond issue.