Seadrill Look to the North With NADL

MarineLink.com
Friday, August 16, 2013
Drillship West Navigator: Photo courtesy of Seadrill

Seadrill and North Atlantic Drilling announce strategic partnership to develop their business for drilling in harsh environments.

Background
The basis for the establishment of NADL in 2011 was to carve out a premium specialist operator with a superior safety standard in harsh environment areas and to use this as a platform to grow the business substantially. NADL builds on a 40-year history of drilling operations and a best-in-class track record in challenging areas. The recent discoveries and activities in harsh environment areas like Norway, Northern part of the UK, North Canada and Alaska, Greenland, Arctic and Northern and Far East part of Russia strongly confirm this growth opportunity. The supply and demand balance for these markets looks tight considering that very few suitable new units are to be delivered in the next years. It is likely that this new capacity is insufficient to meet what is expected to be a very high growth in demand for drilling activities.



The boards of Seadrill and NADL have in this respect focused on further strengthening  the foothold for future operations in new offshore frontiers, including the emerging Arctic and sub-Arctic harsh environment areas in the Northern hemisphere.  Particular focus has been placed on pursuing business in the promising Russian offshore sector.


Potential strategic partner
NADL and Seadrill now announce that a preliminary agreement to create a strategic partnership with a strong industrial player has been reached to foster growth of the company's harsh environment business. The potential strategic partner has a strong foothold in the Russian market, vast experience and competence in Arctic operations, including unique expertise in ice management. The partnership brings together organisations with complimentary skillsets well positioned to capture growth, building on their respective experience and know-how and creating new industrial synergies. 


The potential strategic partner will initially purchase a substantial minority stake in NADL from Seadrill priced around current market levels. Further the partner will be granted an option to acquire a majority stake at a later stage at a premium to the current market levels. Signing and closing of the transaction is expected within the third quarter of 2013.

NADL is an offshore harsh environment drilling company with focus on the North Atlantic basin. The company has nine drilling units in the fleet, including five semi-submersible, a drillship, and three jack-up rigs. Seadrill Limited currently owns 74% of the outstanding shares and the company is listed on the Norwegian OTC exchange with a market capitalization of approximately US$2.3 billion.



Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

Salamander Energy Updates on SONA Transaction

Salamander Energy said it has submitted a draft shareholder circular to the Financial Conduct Authority in relation to previously stated plans to divest of an interest in the Greater Bualuang Area.

News

Zamakona Yards Delivers Tuna Freezer Vessel

Zamakona Yards yesterday celebrated in Getxo (Bizkaia) the delivery of the tuna freezer vessel LJUBICA, their latest construction to the owner group Jadran based in Ecuador and Panamá.

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

GOST Security System thwarts Break-in

GOST® (Global Ocean Security Technologies), a world leader in vessel security, tracking, monitoring and video surveillance systems, announced today that its

Arctic Operations

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

MEPC Approves Draft Polar Code

Draft Polar Code approved by IMO’s Marine Environment Protection Committee A key step on the way to a mandatory Polar Code for ships operating in Arctic and

Northern Fleet’s Environmental Center in Arctic

The regional Environmental Center of the Northern Fleet will be established in the Arctic in the near future. The news agency TASS reported the news with

Offshore Energy

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

Underwater Engineering

Boskalis Consortium Wins Suez Canal Expansion Contract

A consortium consisting of Royal Boskalis Westminster N.V. (Boskalis), Van Oord, NMDC (Abu Dhabi) and Jan de Nul (Belgium) has acquired a contract from the Suez

Hydroid Wins Gold at MassEcon Impact Awards

Hydroid, Inc., a subsidiary of Kongsberg Maritime and a leading manufacturer of autonomous underwater vehicles (AUVs), today announced that it has been named

Mærsk Deliverer's Contract extended

Cabinda Gulf Oil Company Limited, a Chevron subsidiary in Angola, has extended the current contract for the ultra deepwater semi-submersible Mærsk Deliverer expiring in June 2015 by two years.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2007 sec (5 req/sec)