Northern Offshore Closes Purchase of Three Jackups

Maersk Endeavour
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Maersk Exerter
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Maersk Enhancer
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Northern Offshore Ltd. has closed the previously announced purchase of three 300' IC harsh environment jackups from Maersk Contractors. The three harsh environment jackups, now called the Energy Enhancer, the Energy Endeavour and the Energy Exerter, are currently operating in the Danish sector of the North Sea under drilling contracts with Maersk Oil & Gas, an affiliate of Maersk Contractors. The drilling contracts expire in August 2008, September 2009 and December 2009, respectively, subject to certain conditions. Maersk Contractors will continue to manage the units while under their existing drilling contracts. The purchase price for the rigs was US$455 million.

Contemporaneous with the closing of the vessels purchase, Northern Offshore also closed the previously announced Senior Secured Term Loan with DnB Nor Bank ASA and Nordea Bank Norge ASA in the amount of US$300 million. The loan proceeds were used to purchase the Jack-up drilling units along with the proceeds from the previously announced US$100 million Bond Issue and a portion of the proceeds from the previously announced 9.1 million directed share issue (US$50 million) and cash on hand.

Northern Offshore Limited is a Bermuda exempted holding company, which operates offshore oil and gas production and drilling vessels deployed around the world in strategically active locations. The Company's recently renovated fleet consists of one production unit (the Northern producer, a semi submersible floating production facility) and five drilling units (the Energy Searcher, a drill ship, the Galaxy Driller, a semi submersible drilling rig and the recently purchased jackups, the Energy Enhancer, the Energy Endeavour and the Energy Exerter). The vessels operate in various markets including the North Sea, the Middle East, the Indian Ocean and Southeast Asia.

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