HOUSTON, Nov. 25 /PRNewswire-FirstCall/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) today announced that its subsidiary, Northern Offshore U.K. Ltd, was awarded a contract with Caspian Drilling Company Limited ("CDC") for the provision of support services for drilling operations in the Caspian Sea. The contract runs to July 2011 and has an estimated value of approximately US$21 million, comprised of fees for technical and operational support in management of the Dada Gorgud semisubmersible drilling rig. Any direct costs incurred in providing the services will be reimbursed. CDC is a subsidiary of The State Oil Company of Azerbaijan Republic ("SOCAR").
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The drilling operations will take place on acreage operated by BP, on behalf of a consortium consisting of BP, Chevron, SOCAR, INPEX, StatoilHydro, ExxonMobil, TPAO, Devon, ITOCHU and Hess. CDC has been the semisubmersible drilling rig contractor on this acreage for over 14 years. Northern Offshore's technical and operational support services will be provided by its Baku-based personnel, with assistance from the regional operations team based in Aberdeen, Scotland.
Northern Offshore Senior Vice President of Marketing Steve Gangelhoff said, "This is an important financial and strategic opportunity for Northern Offshore. It not only brings significant cash flow to the company, but also expands our working relationship with some of the world's most influential international oil and gas companies. The Caspian Sea is a core area for BP and the other consortium members, and we are excited to be chosen to contribute to such an important effort and given the opportunity to strengthen relationships with these companies."
Northern Offshore, Ltd. is a Bermuda holding company which operates offshore oil and gas production and drilling vessels deployed around the world. The company's fleet consists of one floating production facility and five drilling units (a drillship, a semisubmersible and three jackup drilling rigs). The Northern Offshore fleet operates in various markets including the North Sea, the Indian Ocean, offshore Russia, the Mediterranean Sea and Southeast Asia. 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:
Brian Hefty at
1-713-739-7686, or via email at brian.hefty@northernoffshoreltd.com
SOURCE Northern Offshore, Ltd.
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