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Northern Offshore Announces New Contract Award for Drillship Energy Searcher

October 16, 2008

HOUSTON, Oct. 16 /PRNewswire-FirstCall/ — Northern Offshore, Ltd. (Oslo Bors: NOF.OL) today announced that its Singapore-based subsidiary, Jet Holding Ltd. was awarded a contract with the Joint Operating Company Vietgazprom, a joint venture between Petrovietnam and Gazprom, for the drillship Energy Searcher. The drilling contract of five wells duration is expected to begin between June and September, 2009 and run approximately 365 days, inclusive of a mobilization period. The estimated contract value is approximately US$122 million, which is comprised of US$116 million during the drilling period and US$6 million in mobilization and demobilization fees. The Energy Searcher, currently located in Singapore, concluded its last contract offshore Indonesia in late June 2008 and is available for interim work.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080415/LATU540LOGO)

Marion Woolie, Northern Offshore president and CEO, said, “Although this term contract doesn’t begin until mid-2009, it is an important step in expanding our revenue backlog. We are continuing to pursue several opportunities to fill in with shorter term work in front of the Vietgazprom program.”

Northern Offshore, Ltd. is a Bermuda holding company which operates offshore oil and gas production and drilling vessels deployed around the world. The Company’s recently updated fleet consists of one floating production facility, and five drilling units (a drillship, a semisubmersible and three jackup drilling rigs). Additionally, the Company recently announced an agreement to acquire two North Sea-based semisubmersible drilling rigs. The Northern Offshore fleet operates in various markets including the North Sea, the Indian Ocean, offshore Russia and Southeast Asia.

For further information, please contact: Michael Dawson

713-739-7686

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080415/LATU540LOGOAP Archive: http://photoarchive.ap.org/PRN Photo Desk, photodesk@prnewswire.com

Northern Offshore, Ltd.

CONTACT: Michael Dawson of Northern Offshore, Ltd., +1-713-739-7686

Web site: http://www.northernoffshorelimited.com/




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