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June 21, 2005

SeaDrill out of PetroJack/b>

John Fredriksen's SeaDrill has sold its 315,500 share holding in PetroJack ASA.

SeaDriill said yestrerday it had entered into agreements to purchasea total of 3,515,000 Shares in PetroJack ASA equalling 6.69% of the outstanding share capital at a price of NOK 10 per share. This morning, SeaDrill said that through a marketĘ transaction executed today it had sold 3,515,000 shares in PetroJack at a price of NOK 11.11 per share and now has no financial interest in PetroJack.

By our math, SeaDrill turned a profit of some $597,000 on the churn.


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