Northern Offshore Options Exercised
Bermuda’s Northern Offshore, Ltd. today [Dec.1] reported that its subsidiary, Northern Offshore UK Limited, has received a early declaration from Maersk Olie og Gas AS exercising both of the remaining one-year options for the jackup rig Energy Endeavour.
The anticipated commencement date of the option period is April 2012, which commits the Energy Endeavour to Maersk for continued operation in the Danish Sector of the North Sea until April 2014. This option exercise adds approximately $78 million to the company’s contracted revenue backlog.
Gary W. Casswell, Northern Offshore’s president and CEO, said “We are very pleased to receive this two-year contract extension from Maersk, as it strengthens our working relationship with Maersk and confirms our continued commitment to the improving North Sea market.”
Northern Offshore, Ltd. is a Bermuda holding company which operates offshore oil and gas production and drilling vessels in various markets around the world, including the North Sea, the Indian Ocean, the Mediterranean Sea and Southeast Asia.
The company’s fleet consists of one floating production facility and five drilling units: a drillship, a semisubmersible and three jackup drilling rigs.
