MOSCOW (Sputnik) — Russian oil major Rosneft, Norway’s Seadrill and its majority-owned subsidiary North Atlantic Drilling Ltd. (NADL) agreed Wednesday to extend their framework agreement on oilfield development for two more years.
"The parties have agreed to further extend the long stop date of the Framework Agreement until May 31, 2019," Seadrill said in a statement.
The three companies entered into a framework agreement in August 2014. The pact allowed Rosneft to acquire NADL shares through an exchange of assets and investments in NADL share capital. The agreement was extended to the end of May 2015 and further to the end of May 2017.
NADL is a leading drilling company specializing in offshore harsh environment operations. It is a 70.4-percent owned subsidiary of Seadrill Limited.
