Hamilton, Bermuda, January 20, 2014 - North Atlantic Drilling Ltd. (the "Company" or "North Atlantic Drilling") announced today that it intends to offer US$600 million in aggregate principal amount of unsecured senior notes due 2019 (the "Notes") in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain other persons outside of the United States in reliance on Regulation S under the Securities Act.
North Atlantic Drilling intends to use the net proceeds of this offering for the prepayment of existing indebtedness, including a premium on early settlement, transaction expenses and general corporate purposes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offer of the Notes will be made only by means of a private offering memorandum.
The Notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act.
About North Atlantic Drilling Ltd.
North Atlantic Drilling is a leading offshore harsh environment drilling company in which Seadrill Limited currently holds a 74% ownership interest. The Company has a fleet of seven harsh environment units in operation and two newbuilds under construction. North Atlantic Drilling is currently listed on the Norwegian OTC list.
Forward-Looking Statements
This press release contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "should" and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company's belief regarding future results, many of which, by their nature are inherently uncertain and outside of the Company's control. Actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company's registration statements, as amended, under the heading "Risk Factors." The Company does not assume any obligation to update the information contained in this press release.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.