HOUSTON, July 30, 2014 /PRNewswire/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) today announced that the company has finalized a 2 1/2 year contract with Rosneft Oil Company, in conjunction with North Atlantic Drilling Ltd., for the provision of the jackup drilling rig Energy Endeavour. According to the agreement, any break rights expire after 100 days, after which the contract will commence in direct continuation upon the release of the rig by the current client. The company estimates the contract value to be in excess of US$150 million, exclusive of any mobilization fees.
Gary W. Casswell, Northern Offshore's president and CEO, said "This is an exciting opportunity for the company, and we are delighted that Rosneft has selected Northern Offshore and the Energy Endeavour for this program. We look forward to working with them and achieving a safe and successful drilling campaign."
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 [email protected]
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.