North Atlantic Drilling, Rosneft give themselves more time

Rosneft and North Atlantic Drilling Limited (NADL) have agreed to extend the termination date of the Framework Agreement signed on August 20, 2014 until May 31, 2017.  On November 7, 2014, the closing of the transaction was delayed until the end of May 2015.

The 2014 Framework Agreement that envisages long-term cooperation in the sphere of oilfield development projects. The document foresees  NADL will entering the onshore drilling market in Russia and enter into contracts for multiple offshore assets. In addition Rosneft would be acquiring a significant equity stake in NADL.

Apart from agreeing the extension, the companies have also agreed to renegotiate the terms and characteristics of the transactions contemplated in the Framework Agreement and the terms of the related offshore drilling contracts.

Both parties reserve the right to terminate the Framework Agreement and /or any offshore drilling contracts at no cost, Rosneft has said.

In a separate statement, drilling contractor North Atlantic Drilling said tha during this time, NADL is permitted to market the offshore drilling rigs subject to existing drilling contracts with Rosneft and enter into binding contracts with third parties. NADL will also be permitted to delay the construction, delivery, or shipyard stay of any of those rigs.

 

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