Commencement of Operations for Energy Searcher and Energy Driller
HOUSTON, April 19, 2012 /PRNewswire/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) today announced that both the semisubmersible Energy Driller and drillship Energy Searcher have commenced operations.
The Energy Searcher went on dayrate under the contract with the Joint Operating Company Vietgazprom, a joint venture between Petrovietnam and Gazprom, ("VGP") for their drilling program offshore Vietnam on April 6, 2012. The duration is for a four-well program expected to last approximately 100 days per well. The estimated contract value is approximately US$72 million. The Energy Driller commenced the contract with ONGC for their three-year drilling program offshore India on April 19, 2012. The estimated contract value is approximately US$230 million.
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, the Mediterranean Sea and Southeast Asia. The company's fleet consists of five drilling units (a drillship, a semisubmersible and three jackup drilling rigs) and one floating production facility. More information on Northern Offshore, Ltd. may be found by visiting the company's website at http://www.northernoffshorelimited.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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