Rosneft will get about 30% shares of the US North Atlantic Drilling Limited (NADL) company, pass to the company about 150 its drilling rig and pay NADL over $600 million on the basis of $9.25 per share, reads NADL statement.
NADL capitalization is estimated at almost $2.5 billion. At the auctions on August 21, 2014 NADL shares at the New York Stock Exchange went up to $10.31 per share. Rosneft will pay about $670 million for a share holding with the price of $9.25 per share.
Rosneft reported that the exact amount of payment will be determined after the required corporate and bookkeeping procedures. The company’s press office refused to provide details.
Seadrill Limited company, which holds about 70% shares of NADL, said that it is going to preserve “over 50%” capital of the daughter company.
Seadrill said that after closure of the deal (expected till the end of 2014) Rosneft will obtain the right to appoint two of seven members of Board of NADL.
Igor Sechin, Rosneft President, explained that this is the partnership, which will allow the Russian company “ensuring stability to implement the drilling program, buy new competencies in the oil service field and hire the best specialists with the unique experience of work in harsh climatic conditions.”
In July 2014 Rosneft and NADL concluded long-term agreements for offshore drilling, according to which it is planned to involve six offshore drilling rigs of NADL into implementation of Rosneft’s offshore projects till 2022.
From August 9, 2014 NADL’s one semi-submersible drilling rig West Alpha has been drilling the northern well Universitetskaya-1 in the Kara Sea on the Russian shelf. This project is implemented by Rosneft jointly with ExxonMobil.
North Atlantic Drilling Ltd. Is a leading drilling company specializing in operating in harsh climatic conditions and it owns nine drilling rigs. The company’s shares are circulated at the New York Stock Exchange and Norwegian Off Exchange Market.
RBC
