Northern Offshore Announces Organizational Changes

The organizational changes announced in September 2001 have now been implemented. The marketing and operating responsibilities for the drilling units have been transferred to Singapore and will be managed by the 100% controlled subsidiary of Northern Offshore Ltd: Jet Drilling (S) Pte, Ltd. Corporate and Financial responsibilities have been transferred to Northern Offshore Ltd's main office in Bermuda.

The office of Northern Offshore Management AS in Oslo will be closed down effective from January 31, 2002. President and Chief Executive Officer Kai Solberg-Hansen has resigned with effect from 1 January 2002. Tor Olav Troim has been appointed President and Chief Executive Officer of Northern Offshore Ltd, Bermuda. Jon-Aksel Torgersen, Chairman of the Board of Northern Offshore Ltd will act as Investor Relations contact towards Oslo Stock Exchange.