Northern Offshore Announces Exercise of Contract Option for Jackup Energy Enhancer
HOUSTON, April 1, 2013 /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 first of three one-year options for the jackup Energy Enhancer. The commencement date of the option period is mid-July 2013, which commits the Energy Enhancer to Maersk for continued operation in the Danish Sector of the North Sea until June 2014. This option exercise adds approximately US$48 million to the company's contracted revenue backlog.
Gary W. Casswell, Northern Offshore's president and CEO, said, "We are pleased with the opportunity to continue our relationship with Maersk and sincerely appreciate their commitment to Northern Offshore. The Energy Enhancer is performing very well and this contract extension provides a significant increase in revenue from this unit. There are two remaining one-year options and with the North Sea market continuing to strengthen, we remain optimistic about this sector 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 and Southeast Asia. The company's fleet consists of four drilling units (a drillship, a semisubmersible and two jackup drilling rigs) and one floating production facility. More information on Northern Offshore, Ltd. may be found by visiting the company's website at http://www.northernoffshorelimited.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.
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SOURCE Northern Offshore, Ltd.