North Atlantic Drilling is to seek an independent listing on the New York Stock Exchange after putting talks over selling a majority stake in the firm on hold.
The Seadrill subsidiary, which specialises in harsh environments, had been in talks with an unnamed firm about the possibility of selling a majority stake.
But despite talks with an unnamed partner over the last two months over taking a majority stake in the drilling firm, it has not been able to secure a deal and will now look to launch a listing on the NYSE itself before the end of the year.
“In view of the commitment NADL has given to its shareholders to list the company, Seadrill has decided to put the current discussions on hold and NADL will proceed with an independent listing on NYSE,” the company said today.
North Atlantic is also in talks over upgrading the West Rigel drilling platform, currently under construction in the Jurong shipyard, to carry out round-the-year drilling operations in the Arctic.
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