Press releases

NOL: West Bollsta commenced operations

7 October, 2020 – Hamilton, Bermuda

Northern Ocean Ltd. (“NOL”) is pleased to announce on October 6th the harsh environment semi-submersible drilling rig West Bollsta commenced its operations for Lundin Energy Norway AS (“Lundin”) in the Barents Sea.

The West Bollsta’s initial contract is for work in the Norwegian continental shelf under a 10 well contract with 4 additional option wells available to Lundin. As previously disclosed, the estimated backlog value for the firm period is approximately USD 200m, excluding any performance bonus and additional services. Seadrill continues to manage and operate the rig from delivery through the contract term.

The West Bollsta delivered in June 2019, represents a new generation, high specification harsh environment semi-submersible drilling rig focusing on a broader specter of capabilities, a larger operating area, a high load carrying capacity, improved safety and working environment as well as a special environmental focus.

Additional information about the Company can be found at: www.northernocean.no

 

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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.