Norwegian rig entity Petrojack posted a NOK8.9 million net loss after tax for the second quarter of 2007, as the company awaits rig day rates from rigs with yard launches still some six months distant.

The result makes amends for a NOK25.9 million net loss notched in the same period a year ago.

The company moved during the summer to secure shares in PetroProd Ltd, a company converting three Aframax tankers into floating production storage and offloading vessels at Jurong shipyard, where Petrojack two rigs under construction. The rigs are due to begin earning in first-quarter and Q4 2008.

Petrojack also owns 20 percent of Petrolia Drilling, an semi-submersible drill rig owner. Semi-submersibles offshore the United Kingdom are “close to 90 percent utilized” and semis worldwide are “in excess of 95-percent” utilized, making for excellent day rates.

PetroProd has also recently ordered an enhanced CJ70 jack-up rig from Jurong, a CJ70 capable of simultaneous drilling and production which some say could work in Norway.