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SOURCE Northern Offshore, Ltd.
HOUSTON, Feb. 19, 2013 /PRNewswire/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) reported today that its subsidiary, Northern Offshore U.K. Limited, was awarded a contract with ADTI for the jackup Energy Endeavour. The contract, for operations in the UK Sector of the North Sea, is for a one-well program with an expected duration of sixty days, and is scheduled to commence mid June 2013. The estimated contract value for the expected term is approximately US$9.3 million.
Gary W. Casswell, Northern Offshore's president and CEO, said "We look forward to working with ADTI and achieving a safe and successful drilling program. This contract for the Energy Endeavour represents our expected increase in dayrates, marks our return to the UK sector of the North Sea, and positions the unit in a strong market with additional future opportunity."
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 and Southeast Asia. The company's fleet consists of four drilling units (a drillship, a semisubmersible and two jackup drilling rigs) and one floating production facility. More information on Northern Offshore, Ltd. may be found by visiting the company's website at http://www.northernoffshorelimited.com.
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.