Former CEO of Transocean JV takes the same role at Northern Ocean

Oslo Stock Exchange-listed offshore drilling contractor Northern Ocean, a spin-off company of Northern Drilling, has picked a new Chief Executive Officer (CEO) to spearhead the company and oversee the implementation of its growth strategy.

According to Northern Ocean, Arne Jacobsen stepped in as the new CEO effective August 20, 2024. He was previously the CEO of Orion, a joint venture between Hayfin Capital and Transocean, and has experience as a senior investment advisor for the former firm’s oil and gas investment portfolio.

Gary Casswell, Chairman of NOL’s board of directors, ntoed: “We are very pleased to welcome Arne Jacobsen as the new Chief Executive Officer of Northern Ocean Ltd. With his deep industry insight, broad experience from operational and commercial positions, coupled with financial expertise, he is ideally suited to further develop the company.”

Furthermore, Jacobsen has a commercial and operational background in the oil and gas industry, having held leading positions in Songa Offshore and Ocean Rig, where he was stationed in Brazil, South Korea, and Norway. Both of these companies were acquired by Transocean in 2018.

“Northern Ocean Ltd. owns two of the most sophisticated offshore drilling units in the industry, which provides a strong foundation for the future development of the company. I look forward to exploring opportunities to further grow the company and to ensure safe and efficient operations of our assets with the aim of generating attractive returns for our shareholders,” noted Jacobsen.

Earlier this month, TotalEnergies extended the contract of one of Northern Ocean’s semi-submersible rigs – the Deepsea Mira – in Africa, while in late June, another semi-sub owned by the drilling contractor, the Deepsea Bollsta, was hired by an undisclosed operator for a gig in Namibia.