Hamilton, Bermuda, November 7, 2014 - On May 26 2014, North Atlantic Drilling Ltd. ("NADL" or the "Company") announced that it had entered into a transaction between NADL, Seadrill and Rosneft Oil Company ("Rosneft"). Further details in relation to the transaction were provided in the announcements that NADL made on July 30 2014 and August 22 2014.
NADL, Seadrill and Rosneft have mutually agreed to delay the announced transaction until the end of May 2015. The break rights under the transaction have also been extended to the end of May 2015. Both parties remain committed to the transaction.
NADL is an offshore harsh environment drilling company with focus on the North Atlantic region. The Company has eight drilling units in the fleet, including four semi-submersibles, a drillship, and three jack-up rigs. Seadrill Limited currently owns 70% of the outstanding shares and the company is listed on the New York Stock Exchange and on the Norwegian OTC exchange.