Seadrill Agrees Sale of North Atlantic Drilling Stake

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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  First Workers Complete New Industry Tr... (Mar 29)
 -  Mexico, UK Strengthen Ties with 5-Day ... (Mar 29)
 -  Sparrows Group Teams in Australia to D... (Mar 28)
 -  INPEX to Reorganize Natural Gas Busine... (Mar 28)
 -  Scottish Offshore Service Provider Pra... (Mar 28)


Most Popular Articles

From the Career Center
Jobs that may interest you
Field Engineer/ Analyst
Expertise: Field Service Tech
Location: Houston, TX
 
Pump Operators - Von Ormy
Expertise: Coil Tubing
Location: San Antonio, TX
 
SOLIDS CONTROL TECH - NORTH DAKOTA
Expertise: Heavy Machinery Operator|Mud Engineer / Drilling Fluids
Location: North Dakota, United States, ND
 
search for more jobs

Brent Crude Oil : $51.33/BBL 1.14%
Light Crude Oil : $48.37/BBL 1.34%
Natural Gas : $3.1/MMBtu 1.63%
Updated in last 24 hours