Northern Offshore, Ltd. today reported that its subsidiary, Northern Offshore U.K. Limited, has received a declaration from Maersk Olie og Gas AS (“Maersk”) exercising the second of three one-year options for the jackup Energy Enhancer.
The start date of the new option period is approximately mid-July 2014, which commits the Energy Enhancer to Maersk for continued operation in the Danish Sector of the North Sea until July 2015. This option exercise adds approximately US$52 million to the company’s contracted revenue backlog.
Gary W. Casswell, Northern Offshore’s president and CEO, said “We are pleased to have the opportunity to continue our relationship with Maersk and sincerely appreciate their commitment to Northern Offshore. In addition, this extension further supports our optimistic view that the North Sea market will continue to provide our jackup units with stable contract backlog for the foreseeable future.”