Energy Searcher Lands Contract

Jet Drilling (S) Pte Ltd, a 100% controlled Management Company of Northern Offshore Ltd has signed a contract with OMV (Vietnam Block 111) Exploration GmbH, for the drilling of one well offshore Vietnam with the drill ship Energy Searcher. The Energy Searcher will be on contract with effect from December 8, 2001.

The drilling of this well replaces the cancelled well by Triton offshore Oman due to the instability in region. After completing the well for OMV the rig is expected to go to Singapore for Inpex, which should keep the rig busy through June/July 2002.