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.

Tags: North Atlantic Drilling Ltd.