October 29, 2021 – Hamilton, Bermuda
Northern Ocean Ltd. (“NOL” or the “Company”) With reference to the February 11, 2021 and August 8, 2021 announcements, the amended settlement agreement between NOL and its subsidiaries and Seadrill Ltd and its subsidiaries (“Seadrill”) has now been approved by the bankruptcy court in Seadrill’s Chapter 11 process in the US. Certain conditions for the settlement agreement to become effective remain outstanding.
Once effective, the settlement will close all outstanding balances and claims between the companies and provide for transition services to be supplied by Seadrill for the NOL rigs.
Further, Seadrill will immediately pay bareboat lease payments on the West Bollsta accrued from August 10, 2021, and will continue to pay bareboat lease payments on the West Bollsta on a regular basis going forward.
Additional information about the Company can be found at: www.northernocean.no
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.