Northern Offshore Awarded Contract for Energy Exerter

Northern Offshore reports that the Energy Exerter, a 300ft jackup, has been awarded a contract with a large international oil and gas company, subject to certain governmental approvals. The drilling contract is expected to begin in May, 2008 and run approximately 152 days. The estimated contract value is approximately US $40 million. The Energy Exerter is currently operating in the Danish Sector of the North Sea and is one of three rigs acquired by affiliates of Northern Offshore in 2007.

Marion Woolie, Northern Offshore president and CEO, said "This is a terrific opportunity for Northern Offshore and we are extremely pleased to have been chosen for this important project."

Northern Offshore Ltd. is a Bermuda holding company which operates offshore oil and gas production and drilling vessels deployed around the world. The Company's recently updated fleet consists of one floating production facility, and five drilling units (a drillship, a semisubmersible and three jackup drilling rigs). The vessels operate in various markets including the North Sea, the Indian Ocean and Southeast Asia.

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