Rosneft to conclude a deal on purchase of share in Norwegian North Atlantic Drilling in the second half of this year

The transaction on the purchase of a stake in the Norwegian drilling company North Atlantic Drilling (NADL) by Rosneft from its parent company Seadrill will be concluded in the second half of 2014, Seadrill reports.

Due diligence, more detailed negotiations on the terms, the approval by the Board of Directors of the companies and the Norwegian authorities are required to conclude the deal and to make the final decision on long-term agreement on cooperation between the companies till 2022, the report says.

The size of the share that Rosneft will acquire in NADL from Seadrill hasn’t been announced yet, but the report stated that "after the transaction Seadrill will remain the largest shareholder of NADL".

NADL already has contracts with Rosneft in drilling of the first two wells in the Kara Sea.