Northern Offshore Announces Negotiated Delay of New Construction Jackup Shipyard Deliveries

HOUSTON, March 31, 2015 /PRNewswire/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) today announced it has negotiated a nine (9) month delay in the deliveries of its high specification jackups, Energy Engager and Energy Encounter from a shipyard in China. The new delivery dates for these units are December 2016 and June 2017 respectively. President and CEO Gary Casswell commented "We sincerely appreciate the cooperation of our shipyard to allow us to delay the delivery of these units to enable us to better match contract opportunities in what we believe will be a more robust market at that time. This will allow us to defer approximately $22 million in owner furnished equipment expenditures for these units from calendar year 2015 to 2016."

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 late fourth quarter 2016 and late second quarter of 2017.  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:
Paul Ravesies 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.

Related Links

http://www.northernoffshorelimited.com