Press releases

NOL: West Mira operational incident

March 26, 2021 – Hamilton, Bermuda

Northern Ocean Ltd. (“The Company”) is providing an update on the operational incident involving the West Mira on March 19, 2021, also with reference to reports in the press.

During the process of lowering production equipment to the well location in the Nova field, the rig experienced equipment failure resulting in the production equipment descending to the seabed. No one was injured in the incident and the well was secured with three barriers in place.

The manager, Seadrill Europe Management AS, and the client, Wintershall Dea Norge AS, are conducting investigations into the incident and have agreed a plan to secure the production equipment. Based on current plans to inspect the impacted equipment and perform between well maintenance, the Company is forecasting that the West Mira will return to work by mid-April, subject to weather conditions and other factors which may arise. Both the manager and client remain in close communication with the Petroleum Safety Authority.

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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.