North Atlantic Drilling Ltd. Has commenced its initial public offering of 13,513,514 common shares. North Atlantic Drilling will grant the underwriters a 30-day option to purchase up to 2,027,027 additional common shares. The common share amounts are based on an assumed initial public offering price of $9.25 per share, which is the mid-point of the estimated price range of $8.50 to $10.00 per common share for this offering. The net proceeds of this public offering are expected to be used for general corporate purposes and working capital.
On January 23, 2014, the closing price of North Atlantic Drilling's common shares on the Norwegian OTC List was $8.97 per share (based upon the Bloomberg Composite Rate of $0.1639 per NOK 1.00 in effect on that date).