North Atlantic Drilling Ltd (NADL), Seadrill and Rosneft Oil Company have mutually agreed to extend the termination date of the Framework Agreement until May 31, 2017, whereby any party can terminate the Framework Agreement and / or any offshore drilling contracts at any time prior to May 31, 2017 at no cost.
Additionally, the companies have agreed to use reasonable efforts to renegotiate the terms and characteristics of the transactions contemplated in the Framework Agreement and the terms of the related offshore drilling contracts.
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.
On August 22, 2014 North Atlantic Drilling Ltd. announced that it had entered into a Framework Agreement between NADL, Seadrill and Rosneft Oil Company. On November 7, 2014, the closing of the transaction was delayed until the end of May 2015.
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