Northern Offshore, Ltd. (Oslo Bors: NOF.OL) reported net income for the three months ended March 31, 2010 of US$23.2 million, or US$0.15 per diluted share, on revenues of US$68.1 million. This compares to net income of US$3.6 million, or US$0.02 per diluted share, for the first quarter of 2009, on revenues of US$56.6 million. Net income for the prior year quarter included a US$3.7 million charge to bad debt expense. Excluding that charge, first quarter 2009 net income would have been US$7.3 million, or US$0.05 per diluted share. Revenues for the three months ended March 31, 2010 increased US$11.5 million compared to the same period of 2009.