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

Contracts

General Dynamics Wins U.S. Navy Nuclear-Submarine Contract

The U.S. Navy has awarded a $234 million contract to General Dynamics Electric Boat to provide planning yard work, engineering and technical support for nuclear submarines.

Kalmar's Super Gloria Reachstacker for Egon Evertz

Kalmar, part of Cargotec, has received an order from Egon Evertz KG for Super Gloria, the world's biggest reachstacker. The machine will be operated at Salzgitter

Oil Refiner Bound to Goldman, Deutsche Fee Agreements - NY Judge

CVR Energy Inc is bound by agreements to pay Goldman Sachs Group Inc and Deutsche Bank AG more than $36 million in fees and expenses stemming from billionaire

Offshore

Vard Orders Rolls-Royce Equipment for Rem OCV/AH

Rolls-Royce has won a £19m contract with the Norwegian shipbuilding group Vard to deliver deck machinery, propulsion and engines to a new offshore construction

First Havyard WE Design Delivered to Fafnir Offshore

Havyard Ship Technology's build 120 'Polarsyssel', a Havyard 832 L WE design, was delivered to Fafnir Offshore yesterday. It will go straight on assignment for

Brazil's Óleo e Gas, OSX Renegotiate FPSO Contract

Óleo e Gas Participações SA, the Brazilian oil producer that is under bankruptcy protection, and former sister company OSX Brasil SA completed on Friday a plan

News

USCG Respond to Grounded Vessel near Pleasant Harbor, Washington

The Coast Guard and Washington State Department of Ecology are responding to a report a of 65-foot pleasure craft aground near Pleasant Harbor in Brinnon, Washington, Sunday morning.

Two Long Beach Port Funded Projects Opened

In a festive ceremony, two Port of Long Beach grant-funded environmental projects had their grand openings yesterday,  at the Century Villages of Cabrillo homeless

Newport International Boat Show Award Winners

Newport Exhibition Group, owners and producers of the Newport International Boat Show, announced today the results of this year’s Newport For New ProductsTM (NFNP) Awards.

Arctic Operations

Vard Orders Rolls-Royce Equipment for Rem OCV/AH

Rolls-Royce has won a £19m contract with the Norwegian shipbuilding group Vard to deliver deck machinery, propulsion and engines to a new offshore construction

First Havyard WE Design Delivered to Fafnir Offshore

Havyard Ship Technology's build 120 'Polarsyssel', a Havyard 832 L WE design, was delivered to Fafnir Offshore yesterday. It will go straight on assignment for

Arctic Shipping Routes: P&I Insurance FAQs

The UK P&I Club has compiled an FAQ which focuses on the implications for P&I insurance of choosing to use the Northern Sea Route. The Northern Sea Route (NSR),

Offshore Energy

Vard Orders Rolls-Royce Equipment for Rem OCV/AH

Rolls-Royce has won a £19m contract with the Norwegian shipbuilding group Vard to deliver deck machinery, propulsion and engines to a new offshore construction

First Havyard WE Design Delivered to Fafnir Offshore

Havyard Ship Technology's build 120 'Polarsyssel', a Havyard 832 L WE design, was delivered to Fafnir Offshore yesterday. It will go straight on assignment for

Brazil's Óleo e Gas, OSX Renegotiate FPSO Contract

Óleo e Gas Participações SA, the Brazilian oil producer that is under bankruptcy protection, and former sister company OSX Brasil SA completed on Friday a plan

Underwater Engineering

New Versatile McDermott CSV Christened

McDermott International, Inc. informs of the christening of its new Construction Support Vessel 108 (“CSV 108”) at Metalships & Docks shipyard in Vigo, Spain. The

Kvaerner Taking Advice on Strategic Growth Alternatives

Kvaerner says it is exploring new strategic opportunities to further strengthen its business and has retained Greenhill & Co. International LLP to advise on evaluating all strategic alternatives.

Technip Awarded Subsea Contract in the Gulf of Mexico

Technip was awarded by Deep Gulf Energy II LLC a lump sum contract for the development of the Kodiak field, located in Mississippi Canyon Blocks 727 and 771,

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1674 sec (6 req/sec)