OREANDA-NEWS.  Rosneft and North Atlantic Drilling Limited have agreed to extend the termination date of the Framework Agreement signed on August 20, 2014 until May 31, 2017.

Additionally, the parties have agreed to renegotiate the terms and characteristics of the transactions contemplated in the Framework Agreement and the terms of the related offshore drilling contracts.

Both parties reserve the right to terminate the Framework Agreement and /or any offshore drilling contracts at no cost.

Rosneft and North Atlantic Drilling Limited (NADL) signed in 2014 a Framework Agreement that envisages long-term cooperation in the sphere of oilfield development projects. The document foresees the acquisition by Rosneft of NADL shares through an exchange of assets and investments in NADL share capital.

North Atlantic Drilling Ltd. is a leading drilling company, specialized in operations in harsh climate conditions.