PetroMena Postpones $105MM Yard Installment

PetroMena ASA

Reference is made to the Company Update distributed on December 19, 2008 and the notice from PetroMena distributed on February 2, 2009 regarding postponement of the second last yard installment for Petrorig 3 as well as the financing of the remaining funding need for Petrorig 1.

PetroMena has reported that its subsidiary, Petrorig III Pte Ltd, and Jurong Shipyard have signed an agreement regarding the postponement of the US $105 million yard installment related to Petrorig 3 that was due on January 31, 2009. Under the new agreement between the parties, the abovementioned installment will be due on delivery date for Petrorig 3.

Furthermore, the Company's subsidiary Petrorig I Pte Ltd has received a commitment letter from Lloyds TSB Bank plc, which is subject to the satisfaction of certain terms and conditions set out therein, regarding the financing of US $200 million out of the US $300 million required bank debt for Petrorig 1 under a US $300 million 1st lien structure.

The Company is working actively with another bank to provide the other US $100 million under the loan structure.