The net proceeds from the sale after fees and expenses is about $43.5m, with a financial net gain of approximately $7.5m, the company said.
Bermuda-based Northern Offshore is a holding company which operates offshore oil and gas drilling units and one production vessel in various markets around the world, including the North Sea, the Indian Ocean and Southeast Asia.
The company’s fleet consists of four drilling units (a drillship, a semisubmersible and two jackup drilling rigs) and one floating production facility.
The company has regional offices in Aberdeen, Scotland and Singapore and its corporate office is in Houston, Texas.
