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2015-04-17

North Atlantic Drilling Ltd.: NADL - North Atlantic Drilling and Rosneft agree to delay closing of planned transaction

Hamilton, Bermuda, April 17, 2015
- On August 22, 2014 North Atlantic Drilling Ltd. ("NADL" or the "Company")
announced that it had entered into a Framework Agreement between NADL,
Seadrill and Rosneft Oil Company ("Rosneft"). On November 7, 2014, the
closing of the transaction was delayed until the end of May 2015.

Today, all parties 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 parties 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.

NADL is an offshore harsh environment drilling company with focus on the North
Atlantic region. The Company has eight drilling units in the fleet, including
four semi-submersibles, a drillship, and three jack-up rigs. Seadrill Limited
currently owns 70% of the outstanding shares and the company is listed on the
New York Stock Exchange and on the Norwegian OTC exchange
.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: North Atlantic Drilling Ltd. via Globenewswire

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