Seadrill and North Atlantic Drilling - Investment and Co-operation Agreement with Rosneft26 May 2014
Slaughter and May is advising North Atlantic Drilling Ltd. (NADL) and Seadrill Limited (Seadrill) on a long term Investment and Co-operation Agreement with Rosneft to pursue growth opportunities offshore and onshore in the Russian drilling market.
As part of the arrangements, which were announced on 26 May 2014, NADL will enter the onshore drilling market in Russia and enter into contracts for up to 9 offshore drilling units with a total commitment of 35 rig years. In addition, Rosneft will acquire a significant equity stake in NADL.
NADL is an offshore harsh environment drilling company with focus on the North Atlantic basin. It is listed on the NYSE and Norwegian OTC with a market capitalisation of approximately US$2.1 billion. Seadrill currently owns 70% of the outstanding shares and will remain the largest shareholder in NADL after the initial transaction.
Slaughter and May is working as a team with Wiersholm and ALRUD on the transaction.
Corporate: Hywel Davies (partner), Tim Boxell (partner), Victoria MacDuff (associate), Matthew Hamilton (associate), Liam Townson (associate); Competition: Anna Lyle-Smythe (partner), Natalie Cooksey (associate); Tax: Ed Milliner (associate)
Wiersholm: Erling Lind (partner)
ALRUD: Alexander Zharskiy (partner), Andrey Zharskiy (senior associate)
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