Hamilton, Bermuda, January 9, 2017 - North Atlantic Drilling Ltd. ("NADL" or "the Company") refers to the press release on December 3, 2015, June 7, 2016, August 25, 2016, and October 4, 2016 which announced a standstill agreement and subsequent amendments to defer delivery of the semi-submersible West Rigel ("the Unit").
Today the Company announces an amendment has been agreed with Jurong Shipyard Pte Ltd ("Jurong"), which extends the delivery deferral period to July 6, 2017. The extension allows the parties to continue to explore commercial opportunities for the Unit.
As previously agreed, in the event no employment is secured for the Unit and no alternative transaction is completed, the Company and Jurong will form a Joint Asset Holding Company for joint ownership of the Unit, to be owned 23% by the Company and 77% by Jurong.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.