Further delay for Seadrill, NADL, Rosneft $4B deal

Oil company Rosneft, and offshore drillers Seadrill Limited and North Atlantic Drilling Limited (NADL) in 2014 signed a Framework Agreement that envisaged long-term cooperation in the sphere of oilfield development projects.

Under the deal Rosneft was to acquire a 30 percent share in NADL in exchange for land drilling rigs and cash. Moreover, agreement’s options contemplated a possibility for Rosneft to increase its stake in NADL according to the development of the cooperation.

In a separate agreement, NADL, an offshore harsh environment drilling company with focus on the North Atlantic region, was to provide six offshore drilling rigs to Rosneft.

In November 2014 the long stop date for closing the transaction was extended to the end of May 2015.

At the time, the Russian media said the reason for the delay of the $4.2 billion deal were the US sanctions against Russia imposed on September 12, 2014, as NADL and Seadrill Limited were listed on the NYSE (New York Stock Exchange).

The closing of the transaction was subsequently extended further to the end of May 2017.

On Wednesday, the parties agreed to further extend the long stop date of the Framework Agreement until May 31, 2019.

“During this time, Seadrill and NADL can continue to market the offshore drilling rigs and enter into binding contracts with third parties,” Seadrill said in a statement.

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply