Petrojack

Petrojack was a Norwegian offshore drilling-rig operator established in 2004. Its business centered on owning or commissioning jack-up drilling rigs for use in offshore oil and gas exploration and development. The company was listed on the Oslo Stock Exchange in 2005 and became associated with a shareholder group that included Petrolia Drilling, Awilco Offshore, and Sinvest. These holdings were reported as 40%, 18%, and 18%, respectively, making them the largest disclosed shareholders in the available reference material. The company’s fleet history included Petrojack I and Petrojack III, two former rigs that were sold to Maersk Drilling. Petrojack also had two additional jack-up rigs under construction or order at Jurong Shipyard in Singapore. This indicates that the company pursued fleet expansion through newbuilding contracts while simultaneously monetizing existing assets. The available material does not identify the rigs’ eventual operating contracts, customers, technical specifications, or the scale of Petrojack’s offshore operations. Petrojack attracted unusual market attention in the 47th week of 2009, when its share price rose from NOK 0.90 to a reported high of NOK 7.12 per share. Trading was temporarily suspended after the price increased by 64% without an accompanying company announcement. Trading resumed 11 minutes later. The available reference does not establish whether the movement resulted from misconduct, a formal investigation, or a corporate event, so it should be treated as a market-trading episode rather than characterized as a proven scandal. Toward the end of 2010, Petrojack was reportedly declared bankrupt. The available sources do not provide a detailed account of the insolvency proceedings, creditors, asset disposition, or the final status of the two rigs ordered from Jurong Shipyard. No reliable information is supplied about a continuing successor brand, current operations, executive leadership, or a surviving website. Petrojack is therefore best classified as a defunct Norwegian corporate brand in the offshore drilling-services and rig-ownership sector.

Petrojack was founded in Norway in 2004 as an offshore drilling-rig company. Its business model was based on owning and operating jack-up rigs, a type of mobile offshore drilling unit that can be elevated above the seabed for drilling in relatively shallow waters. The available historical record does not identify the original founders, management team, headquarters, or the specific fields and customers served by the company. In 2005, Petrojack became a publicly listed company on the Oslo Stock Exchange. Its reported shareholder base included Petrolia Drilling with a 40% interest, and Awilco Offshore and Sinvest with 18% each. The three companies were described as Petrojack’s largest shareholders in the available reference material. No ticker symbol, offering size, market capitalization, or subsequent ownership changes are provided. Petrojack’s fleet and development strategy involved both existing and newly commissioned rigs. The company sold its former rigs Petrojack I and Petrojack III to Maersk Drilling. At the same time, it had two jack-up rigs under order from Jurong Shipyard in Singapore. The sources do not state whether these ordered units were completed, delivered, contracted to customers, or transferred before the company’s reported insolvency. The company became the subject of market attention in the 47th week of 2009. Its share price reportedly moved from NOK 0.90 per share to a high of NOK 7.12. On the first day of the rapid increase, trading was suspended at 09:49 after the share price had risen 64% without a statement from Petrojack. Trading resumed at 10:00, 11 minutes later. The reference material does not report an enforcement action, investigation, finding of market abuse, or explanation from the company. Accordingly, the incident is recorded as a trading and market-regulation event, not as a substantiated scandal. Toward the end of 2010, Petrojack was reportedly bankrupt. The available account does not explain the company’s liabilities, the role of rig construction obligations, creditor claims, restructuring attempts, or the disposition of the assets ordered from Jurong Shipyard. There is also no reliable information in the supplied material about a successor company or a continuing Petrojack operation. On the available evidence, Petrojack’s corporate history ends with its reported 2010 bankruptcy.

• 2010

  Reported bankruptcy

  [1]Petrojacken.wikipedia.org

  Petrojack was reportedly declared bankrupt toward the end of 2010.

• 2009

  Sharp share-price movement and trading suspension

  [1]Petrojacken.wikipedia.org

  During week 47, the reported share price rose from NOK 0.90 to NOK 7.12, prompting an 11-minute trading suspension after a 64% increase without a company announcement.

• 2005

  Oslo Stock Exchange listing

  [1]Petrojacken.wikipedia.org

  Petrojack became listed on the Oslo Stock Exchange.

• 2004

  Company founded

  [1]Petrojacken.wikipedia.org

  Petrojack was established in Norway as an offshore drilling-rig operator.

• Sale of Petrojack I and Petrojack III

  [1]Petrojacken.wikipedia.org

  The company sold its former rigs Petrojack I and Petrojack III to Maersk Drilling.

• Jack-up rigs ordered from Jurong Shipyard

  [1]Petrojacken.wikipedia.org

  Petrojack had two jack-up rigs under order from Jurong Shipyard in Singapore.

A Norwegian offshore drilling-rig owner and operator focused on jack-up rigs for the oil and gas industry.

• Offshore jack-up drilling rig

  Petrojack I

  Petrojack I was one of the company’s former jack-up drilling rigs. It was later sold to Maersk Drilling. The supplied reference does not provide its construction date, technical specifications, operating history, or sale terms.

• Offshore jack-up drilling rig

  Petrojack III

  Petrojack III was another former Petrojack jack-up drilling rig. Like Petrojack I, it was sold to Maersk Drilling. No further technical, contractual, or operational details are available in the supplied reference.

• Offshore jack-up drilling rigs

  Two Jurong Shipyard jack-up rigs

  Petrojack had two jack-up rigs under order from Jurong Shipyard in Singapore. The available material identifies the shipyard and rig type but does not confirm delivery, commissioning, customers, specifications, or final ownership.

• Sale of former drilling rigsOther

  Background

  Petrojack owned the former rigs Petrojack I and Petrojack III before selling them to Maersk Drilling.

  Action taken

  The two rigs were transferred through sales to Maersk Drilling.

  Aftermath

  The available reference does not state the sale proceeds, timing, or effect on Petrojack’s fleet strategy.

  Source

• Ordering of two new jack-up rigsStrategy

  Background

  Petrojack pursued fleet expansion through newbuilding orders placed with Jurong Shipyard in Singapore.

  Action taken

  The company placed orders for two jack-up drilling rigs.

  Aftermath

  The supplied sources do not establish whether the rigs were delivered or how the orders were affected by the company’s later reported bankruptcy.

  Source

1. 1Petrojacken.wikipedia.org