Presentation

Northern Ocean is a harsh environment focused driller which currently owns two 6th gen floaters. The company is a result of an asset spin-off from Northern Drilling in late 2019 and early 2020 and is listed on the Oslo Stock Exchange.

Both of the company’s assets are currently under contract or have known contract commitments on the NCS. West Mira, which was originally purchased by Northern Drilling in early 2017 for USD 365m, is currently working for Wintershall DEA and is firmly committed until May 2021. West Bollsta, which was purchased by Northern Drilling (option attached to West Mira) for USD 400m in December 2017, is due to commence its maiden contract with Lundin Petroleum in early Q4’20.

In principle, the company is purely an owner of the assets and operations are currently outsourced to related party Seadrill.