NOL: Contract Award for Deepsea Mira
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11 December 2025 – Hamilton, Bermuda Northern Ocean Ltd. (“NOL”) announces the signing of a contract with a subsidiary of Shell plc (“Shell”) for the Deepsea Mira, commencing operations in Namibia in April 2026. The contract covers one firm well and includes one optional well, with an estimated duration of 45 days for the firm well and a projected firm backlog of approximately USD 16 million. This contract will increase NOL’s firm backlog to approximately USD 387 million.
For inquiries, please contact: Arne Jacobsen, Chief Executive Officer: +971 55 639 0860 Jonas Ytreland, Chief Financial Officer: +47 994 65 55
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15 December 2025 – Hamilton, Bermuda
With reference to the stock exchange notice dated 17 November 2025, Northern Ocean Ltd. (“NOL”) announces that its subsidiary today has closed the sale of the Deepsea Bollsta to a Odfjell Drilling Ltd subsidiary, for a cash settlement of USD 480 million. NOL has simultaneously prepaid the remaining USD 285 million loan provided by a group of banks and reduced its loan facility with Sterna Finance Ltd., a company affiliated with the main shareholder Hemen Holding Limited, to USD 100 million.
For inquiries, please contact:
Arne Jacobsen, Chief Executive Officer: +971 55 639 0860
Jonas Ytreland, Chief Financial Officer: +47 994 65 550
This information is considered to be inside information pursuant to the EU Market Abuse Regulation. This stock exchange announcement was published by Jonas Ytreland, CFO of NOL on the date and time provided.
NOL: Trading update
6 July 2026 – Hamilton, Bermuda
Northern Ocean Ltd. (“NOL” or the “Company”) refers to the company update included in its first quarter report published on 29 May 2026, pursuant to which the Deepsea Mira on 4 April 2026 commenced work on the contract for Shell. By way of update, NOL announces today that the Deepsea Mira completed the Shell contract on 2 July 2026 and earned its contractual day rate through the completion date. The customer has not exercised its option for a second well. The rig is now demobilizing to Walvis Bay, where the Company will carry out planned upgrades and modifications to prepare the rig for future operations.
The extended duration of the Shell contract has resulted in contract revenue of approximately USD 31 million, which will be recognized in the second quarter 2026, and with operating costs continuing to align with expectations.
NOL will report its 2026 half-year report including Q2 2026 on 28 August 2026.
The Company continues to actively market and bid the rig for relevant opportunities and is encouraged by current demand for harsh-environment drilling capacity. Based on current demand projections, the Company believes Deepsea Mira is well positioned to secure further work in second half of 2026.
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For inquiries, please contact:
Arne Jacobsen, Chief Executive Officer: +971 55 639 0860
Jonas Ytreland, Chief Financial Officer: +47 994 65 550