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August 23, 2005

Awilco jacks up its offer for Petrojack

Norway's Awilco Offshore has sweetened its offer for Petrojack ASA, the company formed last year by Berge Gerdt Larsen and which has three Baker Marine Paific Class 375 jackup rigs on order at Jurong.

Awilco has upped its all-share offer for all the shares in Petrojack to one Awilco share for two Petrojack shares, rather than the 2.31:1 ratio in its original offer of August 4.

The initial Awilco offer was subject to its becoming owner of more than 90 percent of Petrojack's outstanding shares. On August 15, the Petrojack Board said it had been told by the owner of 15 percent of its shares-- Increased Recovery AS-- that it had "no intention" of taking the Awilco offer. That meant the 90 percent ownership requirement of the offer could not be met,

On August 19, the Petrojack board said it had decided to "explore the strategic alternatives ... in order to maximize shareholder value and had hired Lehman Brothers in addition to ABG Sundial Collier.

Petrojack board said thatg With reference to the voluntary offer announced through the stock exchange release on August 4 2005, Awilco Offshore ASA ("Awilco Offshore") today announces a revised voluntary offer for all the shares in Petrojack ASA ("Petrojack").

Today's revised offer from Awilco is subject to its becoming owner of more than 67 percent of Petrojack shares, but it reserves the right to waive this requirement.

Shortly after the Awilco revised offer was made this morning, the Petrojack board said that Increased Oil Recovery AS, which now holds 17.3 percent of Petrojack, still didn't intend to sell.

The Petrojack board said it "will continue to act in the best interest of all shareholders to maximize shareholder value."


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