North Atlantic Drilling Ltd. ("NADL" or "the Company") refers to the press release on December 3, 2015, June 7, 2016, August 25, 2016, and October 4, 2016 which announced a standstill agreement and subsequent amendments to defer delivery of the semi-submersible West Rigel ("the Unit").
Tthe Company announces an amendment has been agreed with Jurong Shipyard Pte Ltd ("Jurong"), which extends the delivery deferral period to July 6, 2017. The extension allows the parties to continue to explore commercial opportunities for the Unit.
As previously agreed, in the event no employment is secured for the Unit and no alternative transaction is completed, the Company and Jurong will form a Joint Asset Holding Company for joint ownership of the Unit, to be owned 23% by the Company and 77% by Jurong.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About North Atlantic Drilling Ltd.
North Atlantic Drilling is a leading offshore harsh environment drilling company, aiming to be our customers' most important partner in making oil and gas available in a safe and cost-effective manner. The company has a fleet of eight harsh environment units in operation and one new build under construction. North Atlantic Drilling has some 600 skilled and highly competent employees.
North Atlantic Drilling is a 70.4 percent owned subsidiary of Seadrill Limited, and has its shares listed on the NYSE.