North Atlantic Drilling has delayed a deal with Rosneft until 2017.
The company, a subsidiary of offshore rig firm Seadrill, said the terms of the agreement would need to be renegotiated.
A spokesman said: “Today, all parties have mutually agreed to extend the termination date…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.”
The deal was delayed last year in November until the end of May this year, with North Atlantic Drilling saying it would buy around 150 land rigs from Rosneft.
The Russian company said it would take a roughly 30% stake in the company.
Seadrill, the world’s biggest rig operator, would remain the majority shareholder.
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