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NADL - North Atlantic Drilling and Rosneft agree to delay closing of planned transaction

HAMILTON, Bermuda, April 17, 2015 (GLOBE NEWSWIRE) -- On August 22, 2014 North Atlantic Drilling Ltd. ("NADL" or the "Company") announced that it had entered into a Framework Agreement between NADL, Seadrill and Rosneft Oil Company ("Rosneft"). On November 7, 2014, the closing of the transaction was delayed until the end of May 2015.

Today, all parties have mutually agreed to extend the termination date of the Framework Agreement until May 31, 2017, whereby any party can terminate the Framework Agreement and / or any offshore drilling contracts at any time prior to May 31, 2017 at no cost.

Additionally, the parties have agreed to use reasonable efforts to renegotiate the terms and characteristics of the transactions contemplated in the Framework Agreement and the terms of the related offshore drilling contracts.

During this time, NADL is permitted to market the offshore drilling rigs subject to existing drilling contracts with Rosneft and enter into binding contracts with third parties. NADL will also be permitted to delay the construction, delivery, or shipyard stay of any of those rigs.

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.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

HUG#1911906

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.