NOL: Contract award for Deepsea Bollsta

18 Nov 2024 07:51 CET

18 November 2024 – Hamilton, Bermuda

Northern Ocean Ltd. (the “NOL” or “Company”) is pleased to announce a contract
award for Deepsea Bollsta from Equinor Energy AS, a subsidiary of Equinor ASA
(together “Equinor”), for work in Norway. The contract is expected to commence
in the second half of 2025 and has an estimated firm duration of two years, plus
five one-year optional periods, where the first year is priced and the following
years are unpriced. The contract adds approximately USD 335 million of firm
backlog to the Company with the addition of around USD 80 million for client
specific upgrades, integrated services and mobilisation from Namibia to Norway.
This will increase Company’s firm backlog to approximately USD 465 million.

NOL will work together with its operational manager Odfjell Drilling AS
(“Odfjell Drilling”), to move the rig from Namibia for operations in Norway in a
safe, secure and efficient manner, in direct continuation of completed work in
Namibia.

In addition, the Company has signed a letter of intent with an undisclosed
operator for one well work in Norway, to be completed in advance of the Equinor
contract.

Arne Jacobsen, Chief Executive Officer of NOL, commented: “This marks a turning
point for the Company to secure a longer-term contract in Norway with a client
like Equinor, which adds more than USD 415 million to the revenue backlog. This
provides a solid foundation for NOL to further develop the company and continue
to build backlog, enabling the next steps of the company strategy.

This is yet another proof that the NOL business model, combining NOL`s superior
assets with Odfjell Drilling’s operations, is a very attractive solution for our
high-quality clients.”

For more information, please contact:

Arne Jacobsen, Chief Executive Officer: + 971 55 639 0860
Jonas Ytreland, Chief Financial Officer, +47 994 65 550

More information:
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