NADL - Interim funding from Seadrill Limited amended
July 31 2017 - 12:05AM
Hamilton, Bermuda, July 31, 2017 - North Atlantic
Drilling Ltd ('NADL' or 'the Company') announces today that it has
amended the revolving credit facility provided by Seadrill Limited,
its majority shareholder, to mature on September 12, 2017. This
interim funding arrangement has been put in place while broader
restructuring negotiations continue at both companies.
The facility was originally
entered into on January 31, 2017 for $25 million maturing on March
31, 2017. On April 25, 2017 the facility was amended to mature on
June 30, 2017 and was increased to $50 million. On June 27, 2017
the facility was amended to mature on July 31, 2017 and was
increased to $150 million.
FORWARD LOOKING
STATEMENTS
This news release includes
forward looking statements. Such statements are generally not
historical in nature, and specifically include statements about the
Company's plans, strategies, business prospects, changes and trends
in its business and the markets in which it operates. These
statements are made based upon management's current plans,
expectations, assumptions and beliefs concerning future events
impacting the Company and therefore involve a number of risks,
uncertainties and assumptions that could cause actual results to
differ materially from those expressed or implied in the
forward-looking statements, which speak only as of the date of this
news release. Consequently, no forward-looking statement can be
guaranteed. When considering these forward-looking statements, you
should keep in mind the risks described from time to time in the
Company's filings with the Securities and Exchange Commission,
including its Annual Report on Form 20-F (File No. 001-34667). The
Company undertakes no obligation to update any forward looking
statements to reflect events or circumstances after the date on
which such statement is made or to reflect the occurrence of
unanticipated events. New factors emerge from time to time, and it
is not possible for the Company to predict all of these factors.
Further, the Company cannot assess the impact of each such factor
on its business or the extent to which any factor, or combination
of factors, may cause actual results to be materially different
from those contained in any forward looking statement.
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: North Atlantic Drilling Ltd. via
Globenewswire
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