NOL: Deepsea Mira option exercised

24 Dec 2024 15:16 CET

December 24, 2024 – Hamilton, Bermuda

With reference to the stock exchange notice dated 9 August 2024, Northern Ocean
Ltd (“NOL” or the “Company”) is pleased to announce that a subsidiary of
TotalEnergies SE has exercised the previously announced option. The firm term of
this contract has, as a result, been extended by approximately 65 to 93 days.
This extension provides approximately USD 27 to 38 million of additional revenue
backlog and will increase NOL’s firm backlog to approximately USD 515 to 545
million.

Arne Jacobsen, Chief Executive Officer of NOL, commented: “NOL is pleased with
this extension, because it extends our good relationship with TotalEnergies and
also demonstrates the capabilities of the rig. The Deepsea Mira, with Odfjell
Drilling’s services, is one of the most capable rigs for year-round operations
in harsh weather conditions. In the last four months, the Company has increased
its contract backlog by about USD 500 million”

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:
Access the news on Oslo Bors NewsWeb site