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"Rosneft" and North Atlantic Drilling sign asset swap agreement

August 22, 2014


OJSC "Rosneft" and Norwegian drilling company, North Atlantic Drilling Limited (NADL) specialized in operations in harsh environments, and its primary shareholder, Seadrill Limited, signed a framework agreement for long-term cooperation in the implementation of projects for the provision of oilfield services. According to this agreement, "Rosneft" will acquire NADL shares through an exchange of assets as well as investments in the share capital of the company.

The final terms of the transaction, including the amount of the monetary contribution to the charter capital of NADL, will be determined after the closing of necessary corporate and accounting procedures, which is expected by late 2014.

After the signing of the agreement, the CEO of NADL, Alf Ragnar Lovdal, said, "We are very pleased to have achieved this important transaction and welcome ’Rosneft’ as a new equity partner and a member of the Board of Directors." [1]

As a tool for the secure exchange of documents in the implementation of this transaction, the parties used the iDeals™ virtual data room.

[1] http://www.rosneft.com/news/pressrelease/21082014.html


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