HAMILTON, Bermuda, Jan. 22, 2015 (GLOBE NEWSWIRE) -- North Atlantic Drilling ("NADL" or the "Company") announces the launch of an amendment process whereby Seadrill Limited will provide a guarantee for the Company's NOK 1.5 billion bond maturing in 2018, in exchange for some amendments to the bond covenant package, namely replacing the NADL's current financial covenants with Seadrill's financial covenants from Seadrill's NOK denominated bonds. The Summons to Bondholders' Meeting will be posted at the Nordic Trustee's website: www.stamdata.no
Concurrent with the amendment process for the Bond Agreement, NADL has also launched an amendment process for its secured credit facilities whereby Seadrill Limited will provide a guarantee. Successful conclusion of this process will amend the terms of the loan agreements to align with the terms set forth in Seadrill Limited's loan agreements. The Company's lenders have been supportive thus far and we expect successful conclusion of this amendment in the weeks to come.
A summons has been issued for a Bondholders' meeting to commence on February 5, 2015 at 1pm Central European time at the premises of the Nordic Trustee ASA, Haakon VII gate 1, 0161 Oslo - 6th floor.
The Issuer has engaged DNB Bank ASA, DNB Markets as the Issuer's financial advisor (the "Advisor") with respect to the Proposal. Accordingly, Bondholders may contact DNB Markets Fixed Income Sales at +47 24 16 90 30 for further information.
FORWARD LOOKING STATEMENTS
The statements described in this presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements which could be made include, but are not limited to, statements involving prospects for the Company, expected revenues, capital expenditures, costs and results of operations and contingencies and other factors discussed in the Company's most recent annual report on the Form 20-F for the year ended December 31, 2013 and in the Company's other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to the Company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
|Rune Magnus Lundetræ|
|Chief Financial Officer|
|North Atlantic Management AS|
|+44 (0)20 8811 4778|
|VP Commercial Finance|
|North Atlantic Management AS|
|+47 51 30 95 42|
Source:North Atlantic Drilling Ltd.