Drilling services firm Seadrill announced Thursday a preliminary agreement that will see a strategic partner purchase a substantial minority stake from the company in North Atlantic Drilling Ltd.
The deal is part of Seadrill's and North Atlantic's strategic plan to strengthen its presence in new offshore frontiers, including emerging Arctic and sub-Arctic harsh environment areas. Seadrill said its particular focus is on pursuing business in the promising Russian offshore sector.
Seadrill said the unnamed strategic partner has a strong foothold in the Russian market, vast experience and competence in Arctic operations, including unique expertise in ice management.
While the agreement will see the potential strategic partner will initially purchase a large minority stake in North Atlantic, it will also be granted an option to acquire a majority stake at a later stage. The deal is expected to be closed during the third quarter of this year.
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