NADL - North Atlantic Drilling Ltd. announces amendment to agreement with Jurong Shipyard
January 09 2017 - 1:00AM
Hamilton, Bermuda, January 9, 2017 - North
Atlantic Drilling Ltd. ("NADL" or "the Company") refers to the
press release on December 3, 2015, June 7, 2016, August 25, 2016,
and October 4, 2016 which announced a standstill agreement and
subsequent amendments to defer delivery of the semi-submersible
West Rigel ("the Unit").
Today the Company announces an
amendment has been agreed with Jurong Shipyard Pte Ltd ("Jurong"),
which extends the delivery deferral period to July 6, 2017. The
extension allows the parties to continue to explore commercial
opportunities for the Unit.
As previously agreed, in the
event no employment is secured for the Unit and no alternative
transaction is completed, the Company and Jurong will form a Joint
Asset Holding Company for joint ownership of the Unit, to be owned
23% by the Company and 77% by Jurong.
This information is subject
of 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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