Northern Offshore Issues Notice to Terminate Contract for Energy Searcher

Northern Offshore, Ltd. (the Company) announced Monday that on Jan. 2, it issued a Notice of Contract Termination to Oceanic Consultants Nigeria Ltd. (Oceanic), an affiliate of Houston, Texas based CAMAC Energy Inc. (CAMAC) for the Energy Searcher (mid-water drillship) drilling contract. CAMAC guaranteed Oceanic's obligations under the drilling contract. The Company believes that Oceanic breached various terms of the drilling contract and will be filing a claim for in excess of $50 million associated with this matter pursuant to the arbitration provisions of the contract.

The Company hopes to have the rig demobilized out of Nigeria by late January.

About the Company

Northern Offshore, Ltd. is a Bermuda holding company which operates offshore oil and gas drilling units and one production vessel in various markets around the world, including the North Sea, the Indian Ocean, Southeast Asia and West Africa. The Company’s fleet consists of four drilling units (a drillship, a semisubmersible and two jackups) and one floating production facility. Additionally, the Company has under construction two 350 feet high specification
jackups, with delivery expected in the first and third quarters of 2016.

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