Press Release

Northern Offshore to Issue NOK 125 million in Nine-Month Commercial Paper

Houston--March 7, 2008--Northern Offshore Ltd. (NOF.OL) today announced that it had successfully placed NOK 125 million in commercial paper with a maturity of nine months.

The financing was arranged by DnB NOR Markets and Nordea Markets. The disbursement date is March 12, 2008 and the maturity is December 12, 2008.
 
Northern Offshore Ltd. is a Bermuda holding company which operates offshore oil and gas production and drilling vessels deployed around the world. The Company's recently updated fleet consists of one floating production facility, and five drilling units (a drillship, a semisubmersible and three jackup drilling rigs).  The vessels operate in various markets including the North Sea, the Indian Ocean and Southeast Asia.