Rosneft and North Atlantic Drilling have extended the agreement on the purchase of shares of NADL

​Rosneft and North Atlantic Drilling have agreed the prolongation of the validity of the framework agreement signed on August 20th 2014 until May 31st 2017.

The parties have also agreed to hold negotiations upon the reconsideration of certain conditions and the structure of the deal presupposed by the framework agreement and contracts for offshore drilling.

Each party keeps the right to unilaterally terminate the validity of the framework agreement and contracts for offshore drilling without negative financial consequences.

Rosneft and NADL signed a framework agreement which presupposes the purchase the shares of NADL by Rosneft by means of exchange of assets and investment into its registered capital.

On July 29th 2014 Rosneft and NADL signed a long-term agreement on rental of offshore drilling platforms for drilling at the shelf.