ALRUD Lawyers Advise Seadrill Limited In A Deal With Oil Company Rosneft

June, 2014 - Moscow, Russia

ALRUD team lead by Partner Alexander Zharskiy and senior associates Andrey Zharskiy and Oleg Ezhov advises NorthAtlantic Drilling Ltd. and Seadrill Limited on Russian law issues in a deal with Oil company Rosneft.

On 24 May 2014 on the Saint Petersburg international economic forum Seadrill Limited Ltd., North Atlantic Drilling Ltd. (NADL) – a drilling company experienced in working in North Atlantic harsh weather and largest Russian oil corporation Rosneft signed an investment and cooperation agreement, creating a long-term partnership in development of sea and land projects.

Pursuant to the agreement Rosneft will operate and maintain nine offshore platforms owned by NADL for a total term of 35 years. The agreement with Rosneft, operating at least until 2022, also provides that North Atlantic Drilling will perform drilling operations in Russia.

Rosneft will also acquire a substantial block of North Atlantic Drilling shares registered on NYSE and Norway over-the-counter market. Market capitalization of the company is about USD 2.1 bln; 70% of the company shares are presently held by Seadrill Limited.

It is mentioned that the deal is supported by British law firm Slaughter and May, Norwegian firm Wiersholm and Russian Law firm ALRUD.

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