Rosneft and North Atlantic Drilling (NADL) have agreed on May 31, 2017, to further extend the long stop date of the Framework Agreement until May 31, 2019.
The investment and cooperation agreement with the energy giant was designed to pursue growth opportunities in the Russian market.
As part of the proposal, NADL was to enter the onshore drilling market as well as enter into contracts for multiple offshore assets.
In return, Rosneft was to acquire a significant equity stake in North Atlantic.
On August 22, 2014, NADL announced that the company had entered into a Framework Agreement with Rosneft.
In November 2014 the long stop date for closing this transaction was extended to the end of May 2015 and subsequently extended further to the end of May 2017.
During this time, NADL can continue to market the offshore drilling rigs and enter into binding contracts with 3rd parties.
The agreement envisions initial employment of up to 9 offshore rigs to Rosneft with a total commitment of 35 rig years.
