HOUSTON, March 25, 2014 /PRNewswire/ --Northern Offshore, Ltd. (Oslo Bors: NOF.OL) today reported that its subsidiary, Northern Offshore U.K. Limited, has received a declaration from Maersk Olie og Gas AS ("Maersk") exercising the second of three one-year options for the jackup Energy Enhancer. The commencement date of the new option period is approximately mid-July 2014, which commits the Energy Enhancer to Maersk for continued operation in the Danish Sector of the North Sea until July 2015. This option exercise adds approximately US$52 million to the company's contracted revenue backlog.
Gary W. Casswell, Northern Offshore's president and CEO, said "We are pleased to have the opportunity to continue our relationship with Maersk and sincerely appreciate their commitment to Northern Offshore. In addition, this extension further supports our optimistic view that the North Sea market will continue to provide our jackup units with stable contract backlog for the foreseeable future."
About the Company
Northern Offshore, Ltd. is a Bermuda holding company which operates offshore oil and gas drilling units and one production vessel in various markets around the world, including the North Sea, the Indian Ocean, Southeast Asia and West Africa. The company's fleet consists of four drilling units (a drillship, a semisubmersible and two jackup drilling rigs) and one floating production facility. Additionally, the company has under construction two 350' high specification jackup drilling rigs, with delivery expected in the first and third quarters of 2016. More information on Northern Offshore, Ltd. may be found by visiting the company's website at http://www.northernoffshorelimited.com.
For further information, please contact:
Brian Hefty at (713) 739-7686,
or via email at brian.hefty@northernoffshoreltd.com
This announcement contains statements that reflect the company's expectations or predictions of the future. These statements are forward-looking statements. These forward-looking statements may include statements regarding earnings guidance, capital allocation strategy, the impact of activity levels, business performance, and other market and industry conditions. The company's actual results could differ materially from those reflected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the company's regulatory filings. The company disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events or otherwise.
SOURCE Northern Offshore, Ltd.
