Northern Offshore Nabs New Jackup Contract Offshore Greece

Northern Offshore announced that its subsidiary, Northern Offshore U.K. Ltd., was awarded a contract with Aegean Energy S.A., for the jackup Energy Exerter.

The drilling contract of three wells duration is expected to begin early January, 2009 and run approximately 135 days, inclusive of a 15 day mobilization period from the North Sea to offshore Kavala, Greece. The estimated contract value is approximately US $22.6 million, which is comprised of US $18.6 million during the drilling period and US $4.0 million in mobilization and demobilization fees. The Energy Exerter, currently located in the Pechora Sea, is expected to conclude its contract offshore the Russian Federation in late December 2008 and mobilize directly to Greece.

Marion Woolie, Northern Offshore president and CEO, said "We are particularly pleased to receive this contract award from Aegean Energy, a new client, which will open up a new theater of operations for Northern Offshore in the Mediterranean."

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