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Rosneft eyes interest in northern seas drilling firm

May 26, 2014, 14:46 UTC+3 HAMILTON
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HAMILTON, May 26. /ITAR-TASS/. Russian oil giant Rosneft will finalize a deal to buy an interest in Norwegian North Atlantic Drilling (NADL) from parent company Seadrill in the second half of this year, Seadrill reported.

Decisions on long-term cooperation until 2022 will follow due diligence, detailed negotiations and approval by the companies’ boards and Norwegian authorities, said the 70%-holding parent firm, a major operator in offshore oil and gas drilling and running a fleet of 69 vessels operating in severe conditions of Atlantic waters.

The stake to be acquired has not been disclosed but Seadrill is to remain NADL’s majority shareholder.

Rosneft chief executive Igor Sechin said the companies were discussing a merger between Rosneft’s drilling arm RN-Burenie and Seadrill. The two companies are already working together in contracts to drill two wells in the Kara Sea, part of the Arctic Ocean north off Siberia.

NADL stocks are traded on the New York Stock Exchange and the Norwegian Over-the-Counter Market. Capitalization is around $2.1 billion.

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