HOUSTON, Nov. 18 /PRNewswire-FirstCall/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) said today that the company's president and CEO, Marion Woolie, has resigned from the company effective immediately.

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Mr. Woolie joined the company in October 2007 and has led the development of a strong operating organization during his tenure. The Board of Directors of the company thanks Mr. Woolie for his dedicated service and wishes him well. Jim LaChance, currently Chairman of the Board for Northern Offshore, will serve as interim president and CEO until a permanent replacement is appointed.

The company expects to take a charge to expense of approximately $1.9 million in the fourth quarter of 2009 related to Mr. Woolie's employment agreement. Stock options to purchase 750,000 common shares of the company that were granted to Mr. Woolie in October 2007 will all become vested and exercisable for a period of 90 days, and 400,000 restricted shares of the company granted in January 2009 will all become vested and converted to shares of common stock.

Northern Offshore, Ltd. is a Bermuda holding company which operates offshore oil and gas production and drilling vessels deployed around the world. The company's fleet consists of one floating production facility and five drilling units (a drillship, a semisubmersible and three jackup drilling rigs). The Northern Offshore fleet operates in various markets including the North Sea, the Indian Ocean, offshore Russia, the Mediterranean Sea and Southeast Asia. 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
    1-713-739-7686,
    or via email at brian.hefty@northernoffshoreltd.com

SOURCE Northern Offshore, Ltd.

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