Energy Searcher to Work Offshore Indonesia

Northern Offshore through PT. Patra Drilling Contractor (Indonesia) has been awarded the contract issued by BPMIGAS for provision of deep water drilling services by PT. EASCO East Sepanjang who are in a Technical Assistance Agreement with Total E&P Indonesia and Total E&P East Sepanjang. Northern Offshore has fulfilled the requirement for the performance bond as per the terms of the Fax of Order from PT. EASCO.

The contract calls for the Energy Searcher Drillship to begin work upon completion of its commitment to Galoc Production Company in the Philippines, expected to be beginning of December 2007. The contract area is the East Sepanjang area of Indonesia in water depths up to 570 meters. Contract duration is expected to be 63 days (or the time required to drill one well), not including mobilization and demobilization. The operating dayrate will be US$285,000 per day with separate mobilization fee of US$2.5 million and demobilization fee of up to US$1.7 million.

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