With reference to the stock exchange notice dated 9 August 2024, Northern Ocean Ltd (“NOL” or the “Company”) is pleased to announce that a subsidiary of TotalEnergies SE has exercised the previously announced option. The firm term of this contract has, as a result, been extended by approximately 65 to 93 days. This extension provides approximately USD 27 to 38 million of additional revenue backlog and will increase NOL’s firm backlog to approximately USD 515 to 545 million.
Arne Jacobsen, Chief Executive Officer of NOL, commented: “NOL is pleased with this extension, because it extends our good relationship with TotalEnergies and also demonstrates the capabilities of the rig. The Deepsea Mira, with Odfjell Drilling’s services, is one of the most capable rigs for year-round operations in harsh weather conditions. In the last four months, the Company has increased its contract backlog by about USD 500 million”