Northern Offshore announces the sale Of jackups Energy Endeavour and Energy Enhancer and entry into two management service contracts
Wednesday, Jan 10, 2018
Northern Offshore announces that it has sold its jackup drilling units Energy Endeavour (constructed 1982) and Energy Enhancer (constructed 1982) to Dixstone Holdings Limited. The contracts were executed on December 19, 2017 and December 27, 2017, respectively, with actual transfer of ownership for both units on January 2, 2018.  The jackups were previously cold stacked in Rotterdam following completion of drilling contracts in the Southern North Sea region.

In addition, Northern Offshore has entered into Management Services Agreements with the new owner to provide crews and operational support to reactivate and convert both jackups to platform support units.  For the Energy Enhancer, the term of the Service Agreement is three (3) months. In the case of the Energy Endeavour, following reactivation and conversion, the Service Contract also includes the subsequent operation of the newly converted platform support unit in the Southern North Sea.  When fully operational, it is expected that the unit's total manning will consist of up to 100 offshore and onshore personnel.  Operational and technical management, as well as purchasing and logistical support, will be provided from Northern Offshore's regional office in Aberdeen.  The term of the Service Agreement is three (3) years.

Chairman and CEO (Interim) Dr. Yuanhui Sun said, "We are pleased to have sold these two (2) legacy units and to establish a long term partnership with the new owner to operate the Energy Endeavour in the Southern North Sea. This transaction re-establishes our operations in the strategically important North Sea region and represents an important milestone in Northern Offshore's strategy to dispose of its older floating and jackup assets and focus on the construction and operation of its new fleet of high specification jackups."  

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