Northern Offshore Updates Status of Rosneft Contract for the Energy Endeavor

HOUSTON, Nov. 27, 2014 /PRNewswire/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) today issued an update to its July 30, 2014 announcement of a 2 1/2 year contract with Rosneft for its jackup drilling unit Energy Endeavor. In conjunction with partners North Atlantic Drilling and Seadrill, Northern has agreed to delay the transaction until the end of May 2015. While Northern and partners remain committed to the transaction, Northern will market the Endeavor to other clients following its current contract in the Netherlands, subject to availability in the event the transaction is not finally consummated.

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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/northern-offshore-updates-status-of-rosneft-contract-for-the-energy-endeavor-300001597.html

SOURCE Northern Offshore, Ltd.

Related Links

http://www.northernoffshorelimited.com

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