Northern Offshore, Ltd. (Oslo BØrs: NOF.OL) has announced that the company has finalized a 2 ½ year contract with Rosneft Oil Company, in conjunction with North Atlantic Drilling Ltd., for the provision of the jackup drilling rig Energy Endeavour.

According to the agreement, any break rights expire after 100 days, after which the contract will commence in direct continuation upon the release of the rig by the current client. The company estimates the contract value to be in excess of US$150 million, exclusive of any mobilization fees.

Gary W. Casswell, Northern Offshore's president and CEO, said "This is an exciting opportunity for the company, and we are delighted that Rosneft has selected Northern Offshore and the Energy Endeavour for this program. We look forward to working with them and achieving a safe and successful drilling campaign."