RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2014-08-25 18:25:00

ROSNEFT & SEADRILL: FAMILY

РОСНЕФТЬ СОГЛАСНА

OAO Rosneft, Seadrill Ltd., and North Atlantic Drilling Ltd. (NAD) have signed a framework agreement under which NAD will acquire about 150 land drilling rigs from Rosneft as well as 5-year contracts for the rigs. The transaction is expected to close in this year's fourth quarter.

In exchange for the rigs, Rosneft would gain a 30% stake in NAD at $9.25/primary share. Seadrill, currently holding 70% of NAD's outstanding shares, would continue to own more than 50%.

Rosneft would be entitled to appoint two of seven NAD board members.

Rosneft Pres. Igor Sechin said the company will "strengthen its positions on the market of high-technology oil field services alongside with the world's sector leaders."

NAD has five semisubmersibles, a drillship, and three jack ups. In July, NAD and Rosneft signed long-term offshore drilling contracts for six rigs.

A joint venture of Rosneft and ExxonMobil Corp. is drilling an exploratory well in the Kara Sea using the West Alpha semisubmersible owned by NAD.

ogj.com

Tags: ROSNEFT, РОСНЕФТЬ, SEADRILL, EXXON, NADL