NOL - Contract award for Deepsea Mira

08 Jul 2025 22:11 CEST

8 July 2025 – Hamilton, Bermuda

Northern Ocean Ltd. (“NOL”) is pleased to announce the signing of a contract
with a subsidiary of Rhino Resources Ltd. (“Rhino”) for the Deepsea Mira for
operations in Namibia commencing mid-July 2025. The contract includes one firm
well for Rhino, one firm well for another operator and three optional wells,
with an estimated firm duration of 112 days and a projected value of
approximately USD 40 million. The contract will increase NOL’s firm backlog to
approximately USD 395 to 412 million.

Throughout this process, NOL is proud to have collaborated with Rhino and
Halliburton Company (“Halliburton”) – two companies that have demonstrated
strong commitment and execution capabilities in Namibia, with a high level of
local content.

Travis Smithard, CEO of Rhino, commented: “We are pleased to partner with
Northern Ocean and utilize the Deepsea Mira rig for the drilling of the
Volans-1X exploration well – the third successive well to be drilled on PEL85 by
Rhino and its partners NAMCOR, Korres Investments, and Azule Energy. We look
forward to collaborating with our service company partners, Northern Ocean,
Exceed, and Halliburton, to ensure the safe and successful execution of this
exciting exploration well. The strategic contracting of the Deepsea Mira, an
in-country rig of opportunity with high local content, further demonstrates our
commitment to Namibian upliftment and our continued investment in the
development of Namibia’s upstream capabilities.”

Antoine Berel, VP in Halliburton for Sub-Saharan Africa, commented: “We are
excited to collaborate with Rhino and NOL and Odfjell Drilling to support the
up-coming campaign, as we share the same value and commitment toward Namibia’s
in-country value development and capacity building.”

Arne Jacobsen, Chief Executive Officer of NOL, commented: “This agreement will
ensure Deepsea Mira continues its operations in Namibia, following its
successful campaign with Total. It also serves as a testament to the substantial
local content NOL has built over time – an effort strongly supported by the
Namibian government. Most notably, NOL together with its operator Odfjell
Drilling Ltd., remain the only drilling contractor with ongoing operations and a
continuous presence in Namibia over the past two years.”

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

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