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Rosneft deal to acquire share in Norway’s NADL postponed until May 2015

November 08, 2014, 11:12 UTC+3 NEW YORK

Bloomberg agency reported that the transaction has been delayed because of sanctions the West imposed on Rosneft

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NEW YORK, November 8. /TASS/. The closure of the deal on the purchase by Russia’s major oil company Rosneft of a share in Norway’s North Atlantic Drilling (NADL) from its parent company Seadrill has been postponed until late May 2015, NADL reported on its website on Friday.

“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 says. Rosneft had earlier planned to complete the transaction by the end of the current year.

“On May 26 2014, North Atlantic Drilling Ltd. 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,” the release says.

Bloomberg agency reported that the transaction has been delayed because of sanctions the West imposed on Rosneft.

On August 22, Rosneft, Seadrill and NADL signed a framework agreement sealing long-term co-operation in the provision of oilfield services. The document provides for the purchase by Rosneft of 30% NADL shares from Seadrill by way of exchange of assets and investment in the company authorised capital. The agreement terms also envisage increasing Rosneft share in NADL capital along the development of co-operation. 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.

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