Larson Oil & Gas managed rig owner Petrojack has posted a NOK17.1 million ($2.8 million) preliminary, pre-tax net loss for the first quarter of 2007 and a smaller after-tax loss, as company fortunes await two jack-up begin built at Jurong Shipyard in Singapore.

The rigs are due to be delivered in January and December 2008, some 11 months before surveyed analysts believe most newbuild rigs will enter the market.

Petrojack acquired a 21 percent stake in semi-submersible builder Petrolia Drilling ASA just prior to the sale of two jack-ups to Maersk late in 2006 for $420 million.

"The investment was made to gain exposure to the strong semi market, which has continued to develop positively during 2006-2007, with improving day rates and rig utilization," a company statement said, adding, "The utilization for semi's in the United Kingdom is close to 90 percent, while the overall utilization is in excess of 95 percent.

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