Energy Exerter Heads to Greece after Pechora Sea Ops

Northern Offshore has made a required filing with the Oslo Stock Exchange regarding material financial information.

The company reported that a drilling program for LLC Gazflot, an affiliate of JSC Gazprom, has been completed in the Pechora Sea, offshore Northern Russia. The jackup Energy Exerter is now en route to its next contract offshore Greece.

The company said that it currently has approximately $15 million in accounts receivable which it considers due and is awaiting payment from Gazflot. Additional amounts will be billed with the formal completion of the demobilization phase. The company said it fully intends to pursue its remedies for collection of these accounts under the terms of the drilling contract.

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