NOL: Contract award for Deepsea Bollsta

05 Dec 2024 16:49 CET

5 December 2024 – Hamilton, Bermuda

With reference to the stock exchange notice dated 18 November 2024, Northern
Ocean Ltd. (“NOL”) is pleased to announce a contract award for Deepsea Bollsta
from a renowned client, for work in Norway. The contract is expected to commence
in the second quarter of 2025, immediately after the rig has mobilised for
operations on NCS. The contract has an estimated firm duration of 54 to 99 days,
to be completed in advance of the Equinor contract announced on 18 November this
year. The contract adds approximately USD 23 to 42 million of firm backlog and
will increase NOL’s firm backlog to approximately USD 488 to 507million.

This contract further solidifies NOL’s cash flow projections for 2025 and the
company does not plan for any further equity raises in connection with the
mobilisation of Deepsea Bollsta to Norway. NOL is continuously monitoring the
debt market and plan to refinance its current debt falling due in June 2026 when
it sees a good balance between terms and condition versus order backlog.

NOL will work together with its operational manager Odfjell Drilling AS, to
prepare for operations in Norway in a safe, secure and efficient manner.

Arne Jacobsen, Chief Executive Officer of NOL, commented: “This is the third
contract in as many months and adds to the drilling program in Norway, with a
well reputed client. In addition to increasing the backlog this contract
contributes to removing potential idle time for the rig in advance of the
Equinor contract. With Deepsea Bollsta being fixed on contracts until the end of
2027, excluding options, NOL will focus all marketing efforts to increasing the
order backlog for Deepsea Mira in the months ahead”


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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