Energy Searcher Selected for Drilling Program

Northern Offshore, Ltd. announced that the Joint Operating Company Vietgazprom, a joint venture between Petrovietnam and Gazprom, (“VGP”) has selected the drillship Energy Searcher for an upcoming drilling program offshore Vietnam. The program is expected to commence after the conclusion of the current contract with CNOOC. The duration is for a four-well program expected to last approximately 100 days per well.

The estimated contract value is estimated at approximately US$72 million. Gary W. Casswell, Northern Offshore’s president and CEO, said “We are pleased VGP has selected the Energy Searcher again and look forward to working with their team in Vietnam. Along with our other recent contract announcements, this will contribute significantly to our 2012 revenue backlog.”

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