May 25, 2023 -Hamilton, Bermuda Northern Ocean Ltd. is pleased to announce an extension of the contract with a subsidiary ofShell Plc for continued work inNamibia using the Deepsea Bollsta. The firm term of the contract is extended fromDecember 2023 for six months intoJune 2024 and provides an additional option for six months. The extension from December provides revenue backlog of approximately$88.6 million with the option to extend for an additional six month potentially adding a further$81.0 million . Operational update concerning Deepsea Mira At the beginning ofApril 2023 , the Deepsea Mira departed fromBergen, Norway , and began mobilization to the first well location inNamibia for its multi-country contract withTotalEnergies . The rig has experienced some delays loading equipment and performing required maintenance during the transit, and we are now targeting commencement of the contract at the end of the second quarter.
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