On August 22, 2014 North Atlantic Drilling Ltd. ("NADL" or the "Company") announced that it had entered into a Framework Agreement between NADL, Seadrill and Rosneft Oil Company ("Rosneft"). On November 7, 2014, the closing of the transaction was delayed until the end of May 2015.

Today, all parties have mutually agreed to extend the termination date of the Framework Agreement until May 31, 2017, whereby any party can terminate the Framework Agreement and / or any offshore drilling contracts at any time prior to May 31, 2017 at no cost.

Additionally, the parties have agreed to use reasonable efforts to renegotiate the terms and characteristics of the transactions contemplated in the Framework Agreement and the terms of the related offshore drilling contracts.

During this time, NADL is permitted to market the offshore drilling rigs subject to existing drilling contracts with Rosneft and enter into binding contracts with third parties. NADL will also be permitted to delay the construction, delivery, or shipyard stay of any of those rigs.

About North Atlantic Drilling Ltd.

NADL is an offshore harsh environment drilling company with focus on the North Atlantic region. The Company has eight drilling units in the fleet, including four semi-submersibles, a drillship, and three jack-up rigs. Seadrill Limited currently owns 70% of the outstanding shares and the company is listed on the New York Stock Exchange and on the Norwegian OTC exchange.

About Rosneft

Rosneft is the leader of Russia’s petroleum industry and the world’s largest public oil and gas
company by liquid hydrocarbon production and reserves. The Company’s core operations are in hydrocarbon exploration and appraisal, production of oil, gas and gas condensate, offshore developments, refining, marketing of oil, gas and oil products inside and outside Russia, and investment activity.

Rosneft’s exploration and production geography spans across all key oil and gas provinces in Russia, namely Western Siberia, Southern and Central Russia, Timano-Pechora, Eastern Siberia and the Far East. The Company also implements projects in Kazakhstan, Algeria, Venezuela, Brazil, Vietnam, the UAE, Canada, and in the Gulf of Mexico. Offshore projects, including in the Arctic, take a special place in Rosneft’s portfolio. Rosneft has joined forces with ExxonMobil, Eni and Statoil to develop Russia’s offshore resources.