Northern Offshore : Provides Update on Operational Status of the Energy Searcher

Microsoft Word - Final Press Release - September 2014 Energy Searcher Operations Update.docx

PRESS RELEASE

Northern Offshore Provides Update on Operational Status of the Energy Searcher

HOUSTON, TEXAS - September 15, 2014 -- Northern Offshore, Ltd. (Oslo BØrs: NOF.OL) today announced that the drillship Energy Searcher under contract in Nigeria, has experienced technical problems with the control hoses to the unit's blowout preventer. The repairs are underway and are expected to be completed soon allowing operations to resume within two (2) weeks. The Company expects its consolidated financial results for the third quarter 2014 to be negatively impacted by a reduction of approximately forty-five days of revenue for this unit.

About the Company

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.