By GlobeNewswire, October 11, 2013, 10:17:00 AM EDT
HAMILTON, Bermuda, Oct. 11, 2013 (GLOBE NEWSWIRE) --
Hamilton, Bermuda, October 11, 2013 - North Atlantic Drilling Ltd. ("NADL" or
the "Company") and Seadrill Limited ("Seadrill") announced on August 15, 2013
that the companies were actively engaged in specific discussions with the
potential to bring in a strategic partner as a major owner in NADL. The parties
have made solid progress in these discussions but have not yet been able to find
a mutually acceptable solution to all transaction parameters, including
treatment of minority shareholders.
In view of the commitment NADL has given to its shareholders to list the
company, Seadrill has decided to put the current discussions on hold and NADL
will proceed with an independent listing on NYSE. The Company expects to file
with the SEC during the fourth quarter and proceed with the offering in due
course following the SEC review process.
The recent discoveries in the Barents Sea and Newfoundland by OMV, Lundin and
Statoil have further highlighted the attractiveness of the harsh environment
market. In order to position the fleet to meet this new market NADL is presently
in final discussions with Jurong shipyard in order to upgrade the newbuilding
West Rigel to meet full year drilling operations in Arctic waters.
Seadrill remains fully committed as long term shareholder in NADL and believes
that establishing NADL as an independently listed and financed entity is an
important strategic goal. The Board will continue to look for strategic
partnerships which can strengthen the company's Arctic experience and market
position with the target to create additional value for all shareholders.
NADL is an offshore harsh environment drilling company with focus on the North
Atlantic basin. The company has nine drilling units in the fleet, including five
semi-submersible, a drillship, and three jack-up rigs. Seadrill Limited
currently owns 74% of the outstanding shares and the company is traded on the
Norwegian OTC list with a market capitalization of approximately US$2.3 billion.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
+47 51 30 99 00
Source: Seadrill Limited