NORTHERN OFFSHORE

Seatankers Management Ltd., an affiliate of Northern Offshore's major shareholder Hemen Holding has concluded the purchase of the drillship, Discoverer 1 from Prosafe ASA. The purchase price is 100 million NOK. The rig is presently under contract to Pemex until the third quarter of this year. Seatankers Management has stated their willingness to transfer the rig to Northern Offshore, subject to both parties agreeing to transfer terms. Prior to the acquisition Northern Offshore will have to provide adequate financing that complies with the covenants in the indenture of Northern Offshore's US Bond.
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