Leading Russian oil firm Rosneft announced Friday that it has signed a framework agreement with Seadrill and North Atlantic Drilling (NADL) that will see the companies collaborate on the development of oilfield projects. The deal will include the acquisition by Rosneft of NADL shares through an exchange of assets and investments, with the option for Rosneft to increase its stake in the firm.
Rosneft said the deal is part of its strategy to strengthen and expand its service business potential, increasing its technological capabilities and allowing the company to acquire a fleet of platforms and rigs for use in onshore and offshore drilling operations. The collaboration will also see Rosneft expand its activities in the sphere of designing and engineering specialized marine equipment.
Rosneft said the final details of the deal will be made towards the end of the year.
Rosneft President Igor Sechin commented in a company statement:
"Rosneft, Seadrill and NADL are creating a unique international partnership which will allow Rosneft to secure its drilling program. This deal will allow Rosneft to acquire new capabilities in the sphere of oilfield services, by engaging the best professionals, with unique expertise in operations in harsh climate conditions.
"The company will notably strengthen its positions on the market of high-technology oilfield services alongside with world's sector leaders. It is also important to notice that a significant increase in the price of NADL shares, recorded after the arranging of the fundamental settlement on May, 24 2014, confirms the profitableness of the partnership both for Seadrill and NADL and for our company."
NADL CEO Alf Ragnar Lovdal added: "We are very pleased with the execution of this important transaction and welcome Rosneft as an equity partner and to our board of directors."
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