Northern Ocean Ltd.
NOL.OL
Oslo Stock Exchange7.84
NOK
-0.24
- -
Northern Ocean Ltd.
NOL.OL
(Oslo Stock Exchange)
Recent
price
7.84
P/E
ratio
- -
div
yld
- -
ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Northern Ocean Ltd. is an international offshore contract drilling contractor for the oil and gas industry, headquartered in Hamilton, Bermuda, and incorporated in 2017. The company specializes in owning and operating high-specification offshore drilling units, primarily two semi-submersible rigs, Deepsea Mira and Deepsea Bollsta, which have the capacity to operate in both benign and harsh environments including ultra-deep-water drilling up to approximately 10,000 feet. Its core services include offshore drilling operations, contract drilling, rig mobilization and demobilization, contract preparation, and management of one-time reimbursed costs. Northern Ocean also invests in power generation solutions as part of its service offerings. The company operates globally, servicing oil and gas clients predominantly through long-term contracts. Northern Ocean is a subsidiary of Hemen Holding Limited. In recent developments within the last two years, Northern Ocean has secured contract extensions and new awards, including a notable five-month contract extension with Equinor for its semi-submersible rig Deepsea Bollsta related to drilling activities on the Johan Sverdrup field. The company reported a solid contract backlog with blue-chip clients, supporting its revenue growth trajectory despite ongoing liquidity challenges. Northern Ocean reported revenue growth over 11.7% in the trailing twelve months to 2025, reaching approximately NOK 2.18 billion, yet it continues to face net losses with a significant net loss reported in Q3 2025. The company is focused on strategic asset utilization and strengthening its contract portfolio to support future profitability and operational scaling. Northern Ocean operates within the offshore drilling segment of the energy industry, targeting oil and gas companies requiring advanced offshore drilling services in severe oceanic conditions. The company employs a lean workforce of around ten employees and concentrates on the efficient deployment of its semi-submersible units to maximize contract revenue. Its latest operational strategy emphasizes maintaining long-term client relationships and expanding service offerings while managing financial and operational efficiencies in a competitive and capital-intensive market. Northern Ocean’s latest major operational changes include the reaffirmation of contracts with major oil and gas operators, securing multi-million dollar contract renewals, and focusing on operational stability during challenging market conditions while pursuing growth opportunities in offshore drilling services globally. This comprehensive scope of products, services, strategic contracts, and operational focus positions Northern Ocean Ltd. as a specialized player in the offshore drilling industry with a clear emphasis on high-specification semi-submersible rigs and contract-driven revenue models headquartered in Bermuda.