NADL secures commitments for six offshore drilling rigs from Rosneft

July 31, 2014

North Atlantic Drilling Ltd reports that six binding offshore contracts have been executed with Rosneft Oil Co. The total revenue potential for the six contracts, exclusive of mobilization, is $4.25 billion.

Offshore staff

HAMILTON, Bermuda – North Atlantic Drilling Ltd (NADL) reports that six binding offshore contracts have been executed with Rosneft Oil Co. The total revenue potential for the six contracts, exclusive of mobilization, is $4.25 billion.

According to the agreement, any break rights expire after 100 days. The executed contracts include five-year contracts for theWest Navigator, the West Rigel, and the West Alpha, as wel as for two newbuild CJ-54 class rigs, and a 2.5-year contract for a Gusto class jackup rig.

These contracts begin in Russian waters in 2015 and go through 2017.

07/31/2014