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North Atlantic Drilling Ltd.: Approval for Norwegian Bond Amendment

HAMILTON, Bermuda, Feb. 5, 2015 (GLOBE NEWSWIRE) -- North Atlantic Drilling Ltd. ("NADL" or the "Company") (NYSE:NADL) announces that it has received approval from its Norwegian Bondholders to amend the Bond Agreement entered into with the Nordic Trustee ASA in October 2013 (ISIN: NO 001 069241.1).

Following this approval, Seadrill Limited will provide a guarantee for the Bond Issue in favor of the Trustee (on behalf of the Bondholders) in exchange for some amendments to the Bond Issue's covenant package, namely replacing the Issuer's current financial covenants with Seadrill Limited's financial covenants.

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.

HUG#1892298

CONTACT:

Rune Magnus Lundetræ
Chief Financial Officer
North Atlantic Management AS
+44 (0)20 8811 4778

Tore Byberg
VP Commercial Finance
North Atlantic Management AS
+47 51 30 95 42

Source:North Atlantic Drilling Ltd.