28 June 2023 – Hamilton, Bermuda
Northern Ocean Ltd (“NOL” or the “Company”) the Company is pleased to announce its high specification semisubmersible drilling rig, Deepsea Mira, has safely completed the transit to Namibia and commenced drilling activities under its contract with a TotalEnergies subsidiary.
The contract has a firm duration of 300 days with two unexercised options which would extend the term through all of 2024. Odfjell Drilling AS prepared and mobilized the rig to Namibia and providing operations management for the duration of this contract.
Now that the Deepsea Mira has successfully commenced operations, the Company has mitigated exposure to mobilization, reactivation, and other pre-commencement risks. Additionally, the Company has amended the credit facility with Sterna Finance Ltd. to provide a new tranche in the amount of $50 million with a three-month tenor. This provides the Company with sufficient time to normalize working capital from both rigs.