Northern Offshore terminates Transocean rig agreement

Two wholly owned subsidiaries of Northern Offshore have terminated previously announced agreements to acquire two North Sea semisubmersible drilling rigs from affiliates of Transocean, Inc.

Offshore staff

HOUSTON -- Two wholly owned subsidiaries of Northern Offshore have terminated previously announced agreements to acquire two North Sea semisubmersible drilling rigs from affiliates of Transocean, Inc. Northern Offshore has been unable to obtain the consent of its lenders on acceptable terms and has advised Transocean of this development.

10/29/2008

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