Northern Offshore Provides Further Update on Operational Status of the Energy Searcher

HOUSTON, Sept. 29, 2014 /PRNewswire/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) today announced that the drillship Energy Searcher under contract in Nigeria, resumed normal operations on the 23^rd. of September following repairs to the control hoses to the unit's blowout preventer.  The repairs were completed somewhat earlier than previously anticipated and therefore, the Company now expects its consolidated financial results for the third quarter 2014 to be negatively impacted by a reduction of approximately thirty nine days of zero revenue rather than the forty five days previously estimated.

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.

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