Northern Offshore, Ltd. reported that its subsidiary, Northern Offshore U.K. Limited, has received a declaration from Maersk Olie og Gas AS exercising the first of three one-year options for the jackup Energy Enhancer (300' ILC). The commencement date of the option period is mid-July 2013, which commits the Energy Enhancer to Maersk for continued operation in the Danish Sector of the North Sea until June 2014. This option exercise adds approximately $48 million to the company's contracted revenue backlog.
"We are pleased with the opportunity to continue our relationship with Maersk and sincerely appreciate their commitment to Northern Offshore. The Energy Enhancer is performing very well and this contract extension provides a significant increase in revenue from this unit. There are two remaining one-year options and with the North Sea market continuing to strengthen, we remain optimistic about this sector for the foreseeable future," Gary W. Casswell, Northern Offshore's president and CEO, said.
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