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Russia's Rosneft, North Atlantic Drilling ink asset swap deal

August 22, 2014, 13:45 UTC+3 MOSCOW
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MOSCOW, August 22. /ITAR-TASS/. Oil major Rosneft has signed a framework agreement to buy a stake in Norway’s North Atlantic Drilling through an asset swap and investment in the company’s capital as Russia’s top oil firm is striving to boost its oil service capacities, Rosneft said in a statement Friday.

The final terms of the deal, including the amount of investments into the Norwegian company, will be set after the deal passes all corporate and accounting procedures, which is expected to be done by the end of the year.

Under the deal, Rosneft can increase its stake in North Atlantic Drilling.

In July, Rosneft and North Atlantic Drilling signed a long-term agreement on cooperation in shelf drilling, under which the Norwegian company will provide Rosneft with six sea drilling units till 2022 to conduct shelf drilling in harsh weather conditions.

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