Northern Offshore Announces Letter of Award for Semisubmersible Energy Driller

Sep 21, 2011, 17:00 ET from Northern Offshore, Ltd.

HOUSTON, Sept. 21, 2011 /PRNewswire/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) today announced that its subsidiary, Jet Drilling (S) Pte. Ltd. received a Letter of Award from Oil and Natural Gas Corporation Limited ("ONGC") for its semisubmersible Energy Driller for work offshore India. The term of the contract is for three years with initial operations commencing off the west coast during the first quarter of 2012. The Energy Driller completed its previous three-year contract with ONGC on August 31, 2011 and was subsequently demobilized to a Singapore shipyard arriving September 20, 2011. While in the shipyard, the rig will undergo Class inspections and maintenance in preparation for the new contract. The estimated contract value for the award is approximately US$230 million.

President and CEO Gary W. Casswell said, "We are extremely pleased to be awarded this new contract for the Energy Driller and look forward to continuing our role as a key service provider to ONGC. Our operations team has planned a comprehensive shipyard inspection and maintenance program for the rig. I have every confidence they will execute the work efficiently to ensure the unit meets the client's expectations. Of note, this award adds significantly to Northern Offshore's expanding contract backlog."

Northern Offshore, Ltd. is a Bermuda holding company which operates offshore oil and gas production and drilling vessels in various markets around the world, including the North Sea, the Indian Ocean, the Mediterranean Sea and Southeast Asia. The company's fleet consists of one floating production facility and five drilling units (a drillship, a semisubmersible and three jackup drilling rigs). 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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