NOL: Contract award
Friday 26 August 2022
Northern Ocean Ltd. (“the “Company”) is pleased to announce a contract award for Deepsea Bollsta from Shell Upstream Namibia B.V., a subsidiary of Shell Plc., for work in a benign environment market. The contract is expected to commence in the middle of the 4th Quarter 2022 and has an estimated firm duration of twelve months plus one six-month option. The contract adds approximately USD 124 million of firm revenue backlog to the Company (excluding the option). The rig’s operations manager, Odfjell Drilling Ltd, has begun reactivation activities and mobilization preparation to meet the contract expectations safely and efficiently.