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2014-08-01 18:35:00

UNFORTUNATE RUSSIAN SANCTIONS

UNFORTUNATE RUSSIAN SANCTIONS

Sanctions on the oil sector in Russia are "unfortunate" as there are big opportunities for western companies in the development of the Arctic, according to the world's largest offshore drilling group, which this week signed a $4.25bn contract with Rosneft .

North Atlantic Drilling signed contracts with Rosneft, the Russian state oil group with close ties to president Vladimir Putin, for the use of six offshore drilling rigs up to 2022 worth $4.25bn "exclusive of mobilisation".

Rune Magnus Lundetrae, chief financial officer of SeaDrill , the parent company of North Atlantic, told the Financial Times on Thursday:…

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Tags: SANCTIONS, RUSSIA, EU, NORWAY, SEADRILL, ROSNEFT, DRILLING, RIG,
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