Northern Offshore Announces Rosneft Service Order Termination for Jackup Energy Endeavor

HOUSTON, March 24, 2015 /PRNewswire/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) today announced North Atlantic Drilling Company Ltd (NADL) has received a cancellation notice for use of the Northern Offshore's jackup Energy Endeavor from Rosneft Oil Company as part of a multi-rig contract to provide drilling services in the Russian Artic commencing in the 2015 summer drilling season.

President and CEO Gary Casswell said, "While not unexpected, we are disappointed by this development but will nevertheless continue to pursue future opportunities in this region by leveraging our previous experience drilling in the Russian Artic."

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:
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

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