NOL – Letter of intent with Kinetic Pressure Control

15 Oct 2024 11:32 CEST

Northern Ocean Ltd. (“NOL”) is pleased to announce that it has entered into a
Letter of Intent (“LOI”) with Kinetic Pressure Control (“Kinetic”), a leading
well control technology company that designs, manufactures and provides
innovative wellhead and pressure control equipment. The purpose of the LOI is
the outfitting of NOL’s 6th generation semi-submersibles, the Deepsea Mira and
the Deepsea Bollsta with the Kinetic Blowout Stopper (“K-BOS”).

NOL is confident that the K-BOS system’s ability to eliminate unshearable and
unsealable situations and to secure the well in less than a second will offer
significant benefits for all its clients and will enhance NOL’s competitive
position in the market and ability to secure new contracts in the
ultra-deepwater and harsh environment segments. The K-BOS successful track
record combined with the growing requirement from our clients makes the K-BOS a
natural fit to our tier 1 units and to a growing interest from oil and gas
companies.

Arne Jacobsen, Chief Executive Officer of NOL, commented: “This is a strategic
step for NOL to further enhance the capability of our fleet. The option to offer
the K-BOS system to our clients will increase the capability and attractiveness
of our drilling units to our discerning clients operating in ultra-deepwater and
harsh environments. We look forward to working with Kinetic’s excellent team to
integrate the K-BOS equipment with the existing well control equipment on both
our units.”

Steven Angstmann, Chief Executive Officer of Kinetic, commented: “Northern
Ocean’s commitment to develop K-BOS solutions for the Deepsea Mira and Deepsea
Bollsta highlights the value that this technology brings to our clients. We
believe the operators of these units will benefit from K-BOS's ability to secure
the well in all circumstances. K-BOS allows these class leading rigs to set a
new standard for lowering the risk of a major spill to as low as reasonably
practicable. We look forward to working with the great team at NOL on these
projects.”

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