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Northern Offshore Announces Close Of Sale For Energy Exerter

HOUSTON, Oct. 14, 2012 /PRNewswire/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) announced today that the pending sale of the jackup Energy Exerter to an undisclosed buyer has now been completed. The Company confirms the previous announcement on August 29, 2012 that the net proceeds from the sale after fees and expenses is approximately US$43.5 million, with a financial net gain of approximately US$7.5 million.

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.

For further information, please contact: Brian Hefty at (713) 739-7686, or via email at brian.hefty@northernoffshoreltd.com

SOURCE Northern Offshore, Ltd.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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