Bermuda: Northern Offshore Ltd. Repays in Full $100 million Bond Loan

Northern Offshore, Ltd.today announced that the company has repaid in full the US$100 million Bond Loan, which matured today.

The company drew down US$80 million of its US$120 million Secured Revolving Credit Facility (“the Facility”), which together with cash on hand, was used to retire the debt, as well as accrued interest and fees. The total debt outstanding from the Facility is currently US$100 million.

Northern Offshore, Ltd. is a Bermuda holding company which operates offshore oil and gas production and drilling vessels in various markets around the world, including the North Sea, the Indian Ocean, offshore Russia, the Mediterranean Sea and Southeast Asia. The company’s fleet consists of one floating production facility and five drilling units (a drillship, a semisubmersible and three jackup drilling rigs). The company also provides rig management services, and is currently operating in this capacity on two semisubmersibles in the Caspian Sea.

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Source: Prnewswire, June 15, 2010;