NADL – Seadrill New Partner Talks on Hold

MarineLink.com
Monday, October 14, 2013

North Atlantic Drilling Ltd. (NADL) and Seadrill Ltd. have been in discussions to bring in a strategic partner as a major owner of NADL, but have not yet been able to find a mutually acceptable solution to all transaction parameters, including treatment of minority shareholders. In view of the commitment NADL has given to its shareholders to list the company, Seadrill has decided to put the current discussions on hold and NADL will proceed with an independent listing on NYSE.

NADL expects to file with the SEC during the fourth quarter and proceed with the offering in due course following the SEC review process.

The recent discoveries in the Barents Sea and Newfoundland by OMV, Lundin and Statoil have further highlighted the attractiveness of the harsh environment market. In order to position the fleet to meet this new market NADL is presently in final discussions with Jurong shipyard in order to upgrade the newbuilding West Rigel to meet full year drilling operations in Arctic waters.

Seadrill say they are fully committed as long term shareholder in NADL and believe that establishing NADL as an independently listed and financed entity is an important strategic goal. The Board will continue to look for strategic partnerships which can strengthen the company's Arctic experience and market position with the target to create additional value for all shareholders.

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 traded on the Norwegian OTC list with a market capitalization of approximately US$2.3 billion.

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

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Offshore

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Arctic Operations

Reports on Rosneft Arctic Projects

On December 18, Member of Rosneft Board of Directors, special representative of President of the Russian Federation on international cooperation in the Arctic

BSEE Attends Arctic Council Meeting

The Bureau of Safety and Environmental Enforcement’s (BSEE) David M. Moore recently traveled to Seattle, Wash., for a meeting of the Arctic Council Emergency Prevention,

RV Sikuliaq: Modern Electric Propulsion & Power Management

While ships have used electricity to help power vessels for a long time, new and sophisticated diesel-electric technologies are making serious gains in efficiency,

Offshore Energy

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority 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: 0.1375 sec (7 req/sec)