Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/rigs/rig_supplier_news/north-atlantic-drilling-acquires-land-drilling-rig.shtmlNorth Atlantic Drilling acquires land drilling rigs in Russia
North Atlantic Drilling Ltd. has signed an agreement whereby NADL will purchase a significant portion of Rosneft's land drilling fleet
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North Atlantic Drilling Ltd. has signed an agreement whereby NADL will purchase a significant portion of Rosneft's land drilling fleet in Russia. Approximately 150 rigs will be acquired along with an award of new 5 year contracts with Rosneft for these units.
Following the preliminary Investment in May and the completion of the binding offshore contracts in July, NADL has agreed to acquire a significant portion of Rosneft's land drilling fleet. Rosneft will receive as consideration an approximate 30% stake in NADL by receiving primary shares at the price agreed upon in May of US$9.25 per share, with the balance being paid to NADL in cash. Following the transaction Seadrill Limited will continue to own more than 50% of NADL.
