Denmark: Maersk Oil and Gas Informs of Energy Endeavour’s Release

Northern Offshore Ltd. announced Tuesday that the company has received early notification from Maersk Oil and Gas that the Energy Endeavour will be released at the end of the well in progress on May 1, 2013.

The rig’s accommodation unit does not meet new Danish Energy Authority requirements and its replacement is not commercially viable for either party.

Gary W. Casswell, Northern Offshore’s president and CEO, said “We sincerely appreciate that Maersk have given us very early notice of release of the Energy Endeavour, as it will allow us approximately six months to re-contract the rig in a very tight market. We expect to achieve a significant increase of the dayrate with a new contract. Our relationship with Maersk remains strong and we look forward to continued long term operations with the Energy Enhancer.”

The company noted that this situation does not affect the Maersk contract for the Energy Enhancer.

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Northern Offshore, Ltd., November 21, 2012