Press releases

NOL: Deepsea Bollsta contract and operational update

June 26, 2024 – Hamilton, Bermuda

Northern Ocean Ltd. (“NOL” or the “Company”) is pleased to announce a contract award for Deepsea Bollsta with a subsidiary of a major operator for work in Namibia. The contract duration is for one well estimated at 63 days and will likely commence in the fourth quarter of 2024.

After successfully transiting from Norway to Namibia, the Deepsea Bollsta has been operating within the Orange Basin in Namibia for 18 months and continues to demonstrate the efficiencies of utilizing a sixth generation semisubmersible in this region. NOL has established itself in West Africa with Odfjell Drilling Ltd. managing its two high-specification rigs and remains committed to securing further backlog with premier clients globally.

Before the commencement of the new contract, the Deepsea Bollsta will undertake a five-year class survey and there will also likely be a short idle period prior to commencement.

With the new contract award for Deepsea Bollsta and the current drilling contract for the Deepsea Mira, the Company has an estimated aggregate revenue backlog between $80 million and $95 million, excluding bonuses, reimbursables and undeclared options.

The Company continues to be in discussions and processes with potential clients concerning securing additional backlog for both rigs.

This information is subject to a duty of disclosure pursuant to the Company’s continuing obligations as a company listed on Oslo Børs. This information was issued as inside information pursuant to Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, and was published by Jonas Ytreland, Chief Financial Officer, at NOL on the date and time provided.