North Atlantic Drilling has entered into an agreement to acquire a significant share of Rosneft fleet of onshore rigs in Russia.
It is stated in a notice Friday.
It is about around 150 units, and the allocation of new 5-year contracts with Rosneft for these rigs.
In consideration Rosneft gets about 30 percent of the shares in North Atlantic Drilling, at a price of $ 9.25 per share which was agreed in relation to the cooperation agreement signed in May.
The rest will be paid in cash.
Seadrill will continue to own over 50 percent of North Atlantic Drilling thereafter, while Rosneft when the deal is completed will be right to appoint two of the seven directors of the Company.
The transaction is expected during the 4th quarter of this year, and all rights for breach of contract will go out after 77 days.
North Atlantic Drilling was valued at nearly $ 2.5 billion when the deal closed on Wall Street yesterday. This corresponds to about 15.3 billion.
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