NORTHERN OFFSHORE LTD.
HOUSTON, TEXAS - January 12, 2015 -- Northern Offshore, Ltd. (the "Company") (Oslo Børs: NOF.OL) announced today that on January 2, 2015 it issued a Notice of Contract Termination to Oceanic Consultants Nigeria Ltd. (Oceanic), an affiliate of Houston, Texas based CAMAC Energy Inc. (CAMAC) for the Energy Searcher drilling contract. CAMAC guaranteed Oceanic's obligations under the drilling contract. The Company believes that Oceanic breached various terms of the drilling contract and will be filing a claim for in excess of $50 million associated with this matter pursuant to the arbitration provisions of the contract.
The Company hopes to have the rig demobilized out of Nigeria by late January.
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. The Company's fleet consists of four drilling units (a drillship, a semisubmersible and two jackup drilling rigs) and one floating production facility. Additionally, the Company has under construction two 350' high specification jackup drilling rigs, with delivery expected in the first and third quarters of 2016. More information on Northern Offshore, Ltd. may be found by visiting the Company's website at http://www.northernoffshorelimited.com.
For further information, please contact: Paul Ravesies at (713) 739-7686,
or via email at paul.ravesies@northernoffshoreltd.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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