North Atlantic Drilling Set for Initial NYSE Public Offering
North Atlantic Drilling Limited (NADL), a leading offshore harsh environment drilling company in which Seadrill Limited (SDRL) currently holds a 74 percent ownership interest, to file for independent listing on the New York Stock Exchange (NYSE).
The company states that it has filed its first amended registration statements with the United States Securities and Exchange Commission (SEC) in connection with its initial public offering and concurrent offer to exchange previously issued unregistered common shares, other than the common shares owned by affiliates of NADL, for common shares that have been registered under the Securities Act of 1933, as amended.
Morgan Stanley (MS) will act as the Global Coordinator and Lead Bookrunner for the initial public offering. The offering of the common shares will be made only by means of a prospectus. A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933 will be made available when the SEC has completed its review process.
NADL has as a fleet of seven harsh environment units in operation and two newbuilds under construction and is currently listed on the N-OTC list in Norway.