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Marine Log

June 30, 2008

Larsen orders fourth semi at Jurong

Singapore's Jurong Shipyard, a wholly-owned subsidiary of Sembcorp Marine, has secured a contract from Larsen Oil & Gas to build a deepwater semi-submersible drilling rig at a contract value of US$640 (S$870) million.

This latest turnkey rig order is the fourth consecutive newbuild deepwater semi-submersible drilling rig Larsen has placed with Jurong.

Scheduled for delivery in April 2011, the sixth generation ultra-deepwater semi will be built based on the Friede & Goldman Ex-D design. It will have specifications identical to three other deepwater semis ordered by Larsen from Jurong Shipyard.

Mr Martin Nordaas, Managing Director of Larsen Oil & Gas (Singapore) said that all three of the deepwater semis, PetroRig I, PetroRig II and PetroRig III, it currently has under construction at Jurong have secured long-term charter contracts.

"PetroRig I will be chartered to Petrobras America to drill in the Gulf of Mexico while PetroRig II is contracted to Petroleo Brasilieiro S.A. for drilling in offshore Brazil in 2009. PetroRig III will be chartered to Pemex for drilling in Mexico in 2010," he said.

Larsen Oil and Gas Group is a privately owned international drilling and production contractor with offices in Norway, Aberdeen (U.K.), Singapore and Dubai.

Larsen Oil and Gas manages a group of owner companies that are listed on the Oslo Stock Exchange: Petrolia Drilling ASA (including Venture Drilling), PetroJack ASA , PetroMena ASA and PetroProd Ltd ASA.

Petrolia Drilling ASA today issued a statement on this latest Laresn order at Jurong saying that through a 100% subsidiary has agreed to subscribe for 30 percent of the shares in a new single purpose rig company registered in the Cayman Islands. Petrolia Drilliing's estimated commitment equals approximately $50 million, which will be funded from available cash reserves.

The remaining 70% of the equity is already committed by a limited group of institutional investors arranged by Arctic Security. Bank financing and other dept financing will fund the remaining capital need of the rig.

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