Northern Offshore Closes on New Revolving Credit Facility

HOUSTON, April 28 /PRNewswire-FirstCall/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) said today that the company had closed on the US$120 million Secured Revolving Credit Facility ("the Facility") announced on April 26, 2010.

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The company drew down US$20 million, which together with cash on hand, was used to retire the remaining outstanding US$30 million balance of the company's US$300 million Secured Term Loan. The company intends to use the Facility, as well as cash on hand, to repay the company's US$100 million Bond Loan at its maturity date on June 14, 2010.

Northern Offshore, Ltd. is a Bermuda holding company which operates offshore oil and gas production and drilling vessels deployed around the world. The company's fleet consists of one floating production facility and five drilling units (a drillship, a semisubmersible and three jackup drilling rigs). The Northern Offshore fleet operates in various markets including the North Sea, the Indian Ocean, offshore Russia, the Mediterranean Sea and Southeast Asia. The company also provides rig management services, and is currently operating in this capacity on two semisubmersibles in the Caspian Sea. More information on Northern Offshore, Ltd. may be found by visiting the company's website at http://www.northernoffshorelimited.com.

SOURCE Northern Offshore, Ltd.