Presentation

Northern Ocean is a harsh environment focused driller which currently owns two 6th gen harsh environment floaters. In principle, the company is purely an owner of the assets and operations are currently outsourced. The company is a result of an asset spin-off from Northern Drilling in late 2019 and is listed on the Oslo Stock Exchange.

West Bollsta, which was purchased by Northern Drilling for USD 400m in December 2017, is currently under contract with Lundin Energy until end of Q1’22, with option to extend through Q4’22. West Mira, which was originally purchased by Northern Drilling in early 2017 for USD 365m, was working for Wintershall DEA but the contract was terminated in May 2021 due to an operational incident. Due to the termination of the West Mira contract the company is running out of liquidity and is dependent upon new capital or a restructuring of liabilities to fund operations.