Northern Ocean Ltd (the “Company” or “NOL”) has agreed to an amendment of the West Bollsta drilling contract with Lundin Energy Norway AS deferring the commencement of drilling activities to early fourth quarter 2020.
During the idle period the rig will remain in Norway and compensation for operating costs will be provided until commencement of drilling activities.
Considering the current market conditions and impacts from the global COVID-19 pandemic, the amendment reflects commitment from both Parties to find acceptable solutions for delays and the West Bollsta remains a part of Lundin’s long term drilling program.
Contact Person:
Scott McReaken
CEO of Northern Ocean
+1 (832) 509-7191
Additional information about the Company can be found at: http://www.northernocean.no
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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Forward Looking Statements
Matters discussed in this release may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates, sometimes identified by the words “believes”, “expects”, “intends”, “plans”, “estimates” and similar expressions. The forward-looking statements contained in this release, including assumptions, opinions and views of the Company or cited from third-party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company does not provide any assurance that that the assumptions underlying such forward-looking statements are free from errors, nor does the Company accept any responsibility for the future accuracy of the opinions expressed in the presentation or the actual occurrence of the forecasted developments. No obligations are assumed to update any forward-looking statements or to conform to these forward-looking statements to actual results.