HOUSTON, Aug. 22 /PRNewswire-FirstCall/ -- As announced on July 28, 2008, Northern Offshore, Ltd. (the 'Company') (Oslo Bors: NOF.OL) has entered into agreements with affiliates of Transocean Inc. (NYSE: RIG) to acquire the semisubmersible drilling rigs GSF Arctic II and GSF Arctic IV (the 'Rigs').

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The Company prepared an Information Memorandum in connection with the acquisition of the Rigs, as required by Section 3-5 of the Oslo Stock Exchange's rules on the continuing obligations of listed companies. The information memorandum can be found in the Investor Relations/Financial Reports section on the company's website at http://www.northernoffshorelimited.com. The Information Memorandum can also be found on the Oslo Bors website.

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 current 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, offshore Russia and Southeast Asia.

For further information, please contact:

Michael Dawson

713-739-7686

SOURCE Northern Offshore, Ltd.