Northern Offshore Negotiated Delay of Deliveries

April 1, 2015

Northern Offshore, Ltd. has negotiated a nine month delay in the deliveries of its high specification jackups, Energy Engager and Energy Encounter from a shipyard in China. The new delivery dates for these units are December 2016 and June 2017 respectively.

President and CEO Gary Casswell commented “We sincerely appreciate the cooperation of our shipyard to allow us to delay the delivery of these units to enable us to better match contract opportunities in what we believe will be a more robust market at that time. This will allow us to defer approximately $22 million in owner furnished equipment expenditures for these units from calendar year 2015 to 2016.”

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, Southeast Asia and West Africa.

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