NADL - North Atlantic Drilling Ltd. secures contract for West Phoenix
(Thomson Reuters ONE) -
Hamilton, Bermuda, July 10, 2015 - North Atlantic Drilling ("NADL" or "the
Company") has been awarded a contract extension for the semi-submersible rig
West Phoenix by Total E&P UK Limited, commencing mid-March 2016 and securing
work for the unit through the end of August 2016. The total revenue potential
for the contract extension is approximately $62 million.
A portion of the $62 million will be paid during the currently anticipated idle
period from the beginning of September 2015 to the middle of March 2016. The
Company has the ability to market the rig for alternate work during this period.
As part of the agreement to extend the West Phoenix, the Company has agreed to a
dayrate reduction on the current contract effective from June 1, 2015 until its
expected conclusion at the end of August 2015, resulting in a reduction to the
remaining revenue potential of approximately $16 million.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company's plans, strategies, business prospects, changes and trends in its
business and the markets in which it operates. In particular, statements
regarding the Company's ability to complete the Auriga Acquisition, its
financing of the Auriga Acquisition and projected increases in cash
distributions are considered forward looking statements. These statements are
made based upon management's current plans, expectations, assumptions and
beliefs concerning future events impacting the Company and therefore involve a
number of risks, uncertainties and assumptions that could cause actual results
to differ materially from those expressed or implied in the forward-looking
statements, which speak only as of the date of this news release. Important
factors that could cause actual results to differ materially from those in the
forward looking statements include, but are not limited to, the performance of
the drilling rigs in the Company's fleet, delay in payment or disputes with
customers, fluctuations in the international price of oil, changes in
governmental regulations that affect the Company or the operations of the
Company's fleet, increased competition in the offshore drilling industry, and
general economic, political and business conditions globally. Consequently, no
forward-looking statement can be guaranteed. When considering these forward
looking statements, you should keep in mind the risks described from time to
time in the Company's filings with the SEC, including its Annual Report on Form
20-F. The Company undertakes no obligation to update any forward-looking
statements to reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of unanticipated events. New
factors emerge from time to time, and it is not possible for the Company to
predict all of these factors. Further, the Company cannot assess the impact of
each such factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to be materially different from
those contained in any forward-looking statement.
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#1936458]
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News-ID 405940
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