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Marine Log

July 10, 2006

Petrojack to sell two

Petrojack ASA reports that it has entered into a Letter of Intent to sell two of its jackup rigs under construction at Jurong Shipyard in Singapore to a major international drilling operator.

The two rigs (Petrojack I and Petrojack III) will be sold for a total sum of approx. $420 million.

The sale is subject to contract and board approval by the parties.

It is expected a sale will become effective within approximately two weeks.

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