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 brian.hefty@northernoffshoreltd.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.
SOURCE Northern Offshore, Ltd.