Petrojack Files for Bankruptcy in Oslo Court

Petrojack has resolved to file for bankruptcy proceedings. Petrojack submitted a bankruptcy petition to Oslo District Court before the opening of trade on Oslo Børs today, March 8, 2010.

As previously announced, Petrojack has since November 2009 been unable to service the interest on its bond loans. The Company has also failed to service its other debts as they have fallen due, including tax liabilities which fell due in December 2009 and January 2010.

The Company has in close co-operation with its principal creditors explored the possibilities for restructuring its debt and/or divesting its assets for the benefit of its creditors and shareholders. In spite of the extensive efforts that have been made, it has not been possible to find a solution that can secure the continued operation of the Company or a solvent liquidation. The board of directors of the Company has therefore concluded that the interests of the creditors are best served through a realization of the Company's assets through bankruptcy proceedings.