NADL - North Atlantic Drilling receives notice of termination for the West Navigator
(Thomson Reuters ONE) -
Hamilton, Bermuda, March 13, 2015 - North Atlantic Drilling Ltd. (NADL) has
received a notice of termination from Rosneft of the service order for the West
Navigator in connection with the Framework Agreement. The drillship was
indicatively scheduled to commence operations under its five-year contract with
Rosneft during the summer of 2015, which would have required earlier
mobilisation. As outlined in our fourth quarter 2014 results report, NADL
believes that it will be very challenging to close the transactions with Rosneft
on the same terms or in the timeframe contemplated in the executed agreements,
and that there were significant risks attached to the US$4.1 billion order
backlog related to the drilling contracts with Rosneft. The termination of the
service order for West Navigator will reduce NADL's contract backlog by US$1.0
bn. NADL will be marketing the West Navigator for alternative future
opportunities, however remains in discussions with Rosneft to explore various
alternatives for future co-operation.
Questions should be directed to North Atlantic Management AS represented by:
Ragnvald Kavli - Chief Financial Officer
Tore Byberg - VP Commercial Finance
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: North Atlantic Drilling Ltd. via GlobeNewswire
[HUG#1903408]
Unternehmensinformation / Kurzprofil:
Datum: 13.03.2015 - 21:30 Uhr
Sprache: Deutsch
News-ID 378466
Anzahl Zeichen: 2004
contact information:
Town:
Stavanger
Kategorie:
Business News
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