Offshore drilling giant Seadrill has confirmed plans to sell a stake in North Atlantic Drilling as part of a plan to increase its operations in offshore Russia.
The John Fredriksen-owned group said it was in talks with an strategic partner to sell a ‘substantial minority stake’ in NADL, with the option to buy a majority stake in the future.
The company refused to name the new partner, but said it had “a strong foothold in the Russian market”, with fast Arctic and ice management experience.
Seadrill, which is currently engaged in a boardroom battle with takeover target Sevan, said the new deal would be completed within the next few weeks, and would see North Atlantic Drilling listed on the US stock market once everything had gone through.
“It is Seadrill’s intention that parts of the proceeds it will receive from the first phase of the transaction will be used to purchase shares in the open market in order to re-increase its ownership in NADL,” the company said in a statement.
“The remaining proceeds will be used to fund existing and new growth opportunities within Seadrill’s global ultra-deepwater and premium jack-up businesses and might also be used to support Seadrill’s share of further growth in NADL.”
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