Northern Offshore Group announces results

Company News - June 16, 2000

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EBITDA for the Northern Offshore Group amounted to NOK 127.5 million for the first quarter of 2000, up from NOK 50.9 million for the first quarter of 1999.

The profit improvement of NOK 76.6 million is mainly attributable to the settlement of the company's remaining claim against Coplex Resources of NOK 49.3 million.

In addition, higher production from Northern Producer this year increased its income to NOK 20 million. The remainder is due to reduced lay-up costs for the drilling units and the stronger Dollar.

Profit for the first quarter of 2000 was NOK 163 million, with NOK 125.2 million of this from profit on the repurchase of the company's own notes. Profit for the first quarter of 1999 was NOK 42.8 million, of which NOK 99 million comprised profit on similar repurchases.

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