Bermuda-incorporated Northern Offshore Ltd. announced yesterday that its president and CEO Marion Woolie has resigned effective immediately.

Jim LaChance, board chairman of the offshore drill rig operator, will serve as interim president and CEO until a permanent replacement is appointed. Mr. Woolie joined the company in October 2007.

Northern Offshore expects to take a $1.9 million charge in the fourth quarter related to Woolie's employment agreement. Prior stock options to buy 750,000 common shares granted to Mr. Woolie in October 2007 will become vested and exercisable, and 400,000 restricted shares will become vested and converted to common shares.

The company has operational offices in Houston and trades on the Oslo exchange.