Northern Offshore Increases Credit Facility
Apr 27, 2012, 04:30 ET
HOUSTON, April 27, 2012 /PRNewswire/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) today announced that the company has amended its existing Revolving Credit Facility from US$50 million to US$75 million. The facility is provided by Metrogas Holdings, Inc., an affiliate of the company's largest shareholder, Geveran Trading Co. Limited. The amended facility will be used for general working capital needs in conjunction with the start up of the previously announced new contracts for the Energy Searcher, Energy Driller and Energy Enhancer.
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, the Mediterranean Sea and Southeast Asia. The company's fleet consists of five drilling units (a drillship, a semisubmersible and three 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.
For further information, please contact:
Brian Hefty at (713) 739-7686,
or via email at [email protected]
SOURCE Northern Offshore, Ltd.
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