Northern Offshore Provides Update On Energy Endeavour
HOUSTON, Nov. 20, 2012 /PRNewswire/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) ("the Company") today announced that the company has received early notification from Maersk Oil and Gas that the Energy Endeavour will be released at the end of the well in progress on May 1, 2013. The rig's accommodation unit does not meet new Danish Energy Authority requirements and its replacement is not commercially viable for either party.
Gary W. Casswell, Northern Offshore's president and CEO, said, "We sincerely appreciate that Maersk have given us very early notice of release of the Energy Endeavour, as it will allow us approximately six months to re-contract the rig in a very tight market. We expect to achieve a significant increase of the dayrate with a new contract. Our relationship with Maersk remains strong and we look forward to continued long term operations with the Energy Enhancer."
The company noted that this situation does not affect the Maersk contract for the Energy Enhancer.
About the CompanyNorthern 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.
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