Plans to build their company into a major player in the oil industry has driven the directors of Northern Offshore ASA (NOASA) to move their headquarters to Bermuda.

The Norwegian company is currently listed on the Oslo Stock exchange.

After a special meeting held on September 7, the company's board of directors announced intentions to split the company's activities in two.

The split will be carried out in connection with the ongoing relocation of Northern Offshore's domicile to Bermuda.

The part of the activities consisting of the original investments in drilling and production units will be owned by Northern Offshore Ltd., a Bermuda based company (NOLtd) which will apply for listing at the Oslo Stock Exchange (OSE).

The other part, consisting of NOASA's shares in two Canadian public companies: Naftex Energy Corporation (Naftex) that owns oilfields in Egypt and Brazil; and Petrolex (Petrolex) Energy Corporation that owns an oilfield in Colombia, will be owned by the current company NOASA.

This company will subsequently change its name and focus on operation of these interests.

In a press release, the Board said purposes of the split are to concentrate on and further develop the potential of each of the two business segments on an individual basis.

The board of directors in NOASA has further decided to accept the purchase of the drillship Discoverer I from Seatankers Management Co. Ltd. for $12.3 million.

As previously made public, the purchase will be financed by a private placement to institutional and private shareholders of 7 million shares in NOASA at a subscription price of NOK 17 per share. Subscription of these shares will be made on the Extraordinary General Meeting of the shareholders.