Northern Offshore Announces Jackup Deal
Bermuda holding company Northern Offshore, Ltd. yesterday [Apr.2] reported that its subsidiary, Northern Offshore UK Limited, has received a declaration from Maersk Olie og Gas AS exercising the first of three one-year options for the jackup “Energy Enhancer”.
The commencement date of the option period is mid-July 2013, which commits the “Energy Enhancer” to Maersk for continued operation in the Danish Sector of the North Sea until June 2014. This option exercise adds approximately $48 million to the company’s contracted revenue backlog.
Gary W. Casswell, Northern Offshore’s president and CEO, said, “We are pleased with the opportunity to continue our relationship with Maersk and sincerely appreciate their commitment to Northern Offshore.
“The “Energy Enhancer” is performing very well and this contract extension provides a significant increase in revenue from this unit. There are two remaining one-year options and with the North Sea market continuing to strengthen, we remain optimistic about this sector for the foreseeable future.”
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.
