Northern Offshore Jackup Energy Exerter Ops

Monday, August 10, 2009

Northern Offshore, Ltd. (Oslo Bors: NOF.OL) announced that its subsidiary, Northern Offshore U.K. Ltd., has completed its 120 day drilling contract offshore Greece utilizing the jackup rig Energy Exerter. The company said that the rig was under tow to a location offshore Malta where it would be cold stacked until drilling opportunities in the Mediterranean Sea improve.

The drilling contract for the work offshore Greece included a requirement that the operator provide a letter of credit in Northern's favor in the amount of $4.6m, representing approximately five weeks of dayrate. The company said that it had drawn the full amount of the letter of credit in partial settlement of amounts due from the operator and additionally expects to take a write-off of approximately $2.5m in the third quarter of 2009.

(www.northernoffshorelimited.com)

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Otto Marine's Financial Health on the Mend

Michael See Kian Heng, Group Executive Director of Singapore-based offshore vessel owners & shipbuilders Otto Marine, says that his company reported revenue of US$512.

POSH may raise $311 Mln in Singapore IPO

PACC Offshore Services Holdings (POSH) could raise at least S$388.27 million ($311 million) after pricing its initial public offering near the bottom of the pricing range indicated earlier,

BOEM gives more time to submit plans OCS

The Bureau of Ocean Energy Management (BOEM) announced today the publication of its Final Rule to extend time requirements for submitting a Site Assessment Plan

 
 
Maritime Security Naval Architecture Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0990 sec (10 req/sec)