Northern Offshore Delays Delivery of 2 Jackups Now Being Built in China

Northern Offshore, Ltd. negotiated a nine month delay in the deliveries of two high specification jackups, Energy Engager (350' ILC) and Energy Encounter (350' ILC) from a shipyard in China, with delivery now scheduled for December 2016 and June 2017, respectively, the Bermuda holding company said Tuesday.

“We sincerely appreciate the cooperation of our shipyard to allow us to delay the delivery of these units to enable us to better match contract opportunities in what we believe will be a more robust market at that time. This will allow us to defer approximately $22 million in owner furnished equipment expenditures for these units from calendar year 2015 to 2016,” President and CEO Gary Casswell commented.

Northern Offshore placed orders for the two LeTourneau Super 116E class jackups in October 2013, with the rigs being built at COSCO Dalian shipyard in China, according to Rigzone's RigLogix.



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