Northern Offshore profit rises

Northern Offshore, Ltd. has reported net income for the three months ended June 30, 2014, of $9.3 million, or $0.06 per diluted share.

This compares to net income of $1.7 million, or $0.01 per diluted share for the second quarter of 2013. Revenues for the second quarter of 2014 were $55.5 million, compared to $44.1 million for the second quarter of 2013.

Revenues for the three months ended June 30, 2014, were higher as compared to the same period of 2013, primarily because of increases in dayrate revenues from the drillship Energy Searcher, which began its contract with CAMAC during the quarter, and the jack-ups Energy Enhancer and Energy Endeavour, which had increases in their daily operating rates.

Gary W. Casswell, Northern Offshore’s president and CEO, said, “Second quarter earnings were consistent with the first quarter, as expected. With the Energy Searcher commencing its contract in Nigeria during the quarter, we now have all rigs under contract, and with increased day rates for the Energy Enhancer, we expect to see improved results in the second half of the year. Additionally, we are excited about our recently announced contract with Rosneft, and look forward to commencement of this contract in direct continuation upon the conclusion of the program with our current client.”

Casswell went on to say, “During the second quarter there have been announcements regarding further development and additional production wells in the fields that tie into the
Northern Producer, which could have a significant positive implication for the company. As a result of this information, the company will further review the various divestment alternatives available to unlock value for our shareholders from the Northern Producer, including a sale or the potential spin-off which was previously announced.”