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January 5, 2006

Petrojack in deal with Transocean

According to an Oslo Stock Exchange notice, PetroJack ASA has entered into marketing and purchase option agreements with Transocean (RIG) for the jackup rigs Petrojack I, II and III.

The three identical Baker Marine Pacific Class 375 rigs are under construction at Singapore's Jurong Shipyard. Construction of PetroJack I has started and delivery is scheduled March 15. 2007, the next two rigs are scheduled for delivery January and June 2008.

PetroJack has granted Transocean exclusive marketing rights for the rigs until March 15, 2006 along with an option up to that date to purchase one, two or all three rigs. The sales of Rigs 2 and 3 are subject to approval by PetroJack ASA shareholders General Assembly

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A sale of all three rigs would give an average sales price of approx. $180 million per rig.

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