Rig: Energy Engager

Construction Delay

Northern Offshore Ltd. (“NOF”), a company incorporated and having its registered offices in Bermuda, is currently building two (2) LeTourneau Super 116E jack-up drilling rigs at COSCO (Dalian) Shipyard Company Ltd.’s (“Builder”) shipyard in Dalian, China. NOF wishes to announce that NOF and Builder have mutually agreed to further extend the rig technical acceptance date of its first Rig, Energy Engager (Hull No. N610) to the end of September 2017 and the second Rig, Energy Encounter (Hull No. N611) to the end of March 2018. NOF and Builder also agreed to delay contract delivery of the Energy Engager and Energy Encounter until a future date determined by mutual agreement. These extensions were agreed upon taking into account the current unfavourable international oil and gas market conditions.

Northern Offshore delays delivery of newbuild jackups

Northern Offshore, Ltd. (“Northern Offshore”) today announced it has negotiated a nine month delay in the deliveries of its high specification jackups, Energy Engager and Energy Encounter from the COSCO (Dalian) shipyard in China. The new delivery dates for these units are December 2016 and June 2017 respectively. President and CEO of Northern Offshore 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 USD22 million in owner furnished equipment expenditures for these units from calendar year 2015 to 2016.”

Northern Offshore places order for two jackup rigs from unnamed Chinese yard

Northern Offshore has placed an order for two newbuild jackup rigs for delivery in 2016 at an as yet unnamed Chinese shipyard. Both of the units are being built to Letourneau’s Super 116-E design at a cost of less than US$180 million apiece with two additional construction options also included in the contract. Northern are ordering the units on the back of strong global demand for jackup rigs and once the units are delivered they will boost the operator’s jackup fleet to four rigs, following Northern’s decision to sell one of its older jackup rigs the ‘Energy Exerter’ to Ezion Holdings in October 2012.