Northern Ocean Ltd. (“NOL”) is pleased to announce that it has entered into a Letter of Intent (“LOI”) with Kinetic Pressure Control (“Kinetic”), a leading well control technology company that designs, manufactures and provides innovative wellhead and pressure control equipment. The purpose of the LOI is the outfitting of NOL’s 6th generation semi-submersibles, the Deepsea Mira and the Deepsea Bollsta with the Kinetic Blowout Stopper (“K-BOS”).
NOL is confident that the K-BOS system’s ability to eliminate unshearable and unsealable situations and to secure the well in less than a second will offer significant benefits for all its clients and will enhance NOL’s competitive position in the market and ability to secure new contracts in the ultra-deepwater and harsh environment segments. The K-BOS successful track record combined with the growing requirement from our clients makes the K-BOS a natural fit to our tier 1 units and to a growing interest from oil and gas companies.
Arne Jacobsen, Chief Executive Officer of NOL, commented: “This is a strategic step for NOL to further enhance the capability of our fleet. The option to offer the K-BOS system to our clients will increase the capability and attractiveness of our drilling units to our discerning clients operating in ultra-deepwater and harsh environments. We look forward to working with Kinetic’s excellent team to integrate the K-BOS equipment with the existing well control equipment on both our units.”
Steven Angstmann, Chief Executive Officer of Kinetic, commented: “Northern Ocean’s commitment to develop K-BOS solutions for the Deepsea Mira and Deepsea Bollsta highlights the value that this technology brings to our clients. We believe the operators of these units will benefit from K-BOS’s ability to secure the well in all circumstances. K-BOS allows these class leading rigs to set a new standard for lowering the risk of a major spill to as low as reasonably practicable. We look forward to working with the great team at NOL on these projects.”
