Northern Offshore to exercise Jackup Energy Endeavour option

5 December 2011: Northern Offshore U.K. Limited, subsidiary of Northern Offshore, Ltd. has received early declaration from Maersk Olie og Gas AS exercising both of the remaining one-year options for the jackup Energy Endeavour.  The anticipated commencement date of the option period is April 2012, which commits the Energy Endeavour to Maersk for continued operation in the Danish Sector of the North Sea until April 2014.  This option exercise adds approximately US$78 million (approx Rs.399 crore) to the company's contracted revenue backlog.

Northern Offshore, Ltd. is a Bermuda holding company which operates offshore oil and gas production and drilling vessels in various markets around the world, including the North Sea, the Indian Ocean, the Mediterranean Sea and Southeast Asia. The company's fleet consists of one floating production facility and five drilling units.