Seadrill Announces Spin-Off of Harsh-Environment Rigs

Seadrill SDRL has announced its plans to spin off its fleet of harsh-environment rigs into a new company, North Atlantic Drilling Limited (NADL). The fleet will consist of six rigs: two jackups, two midwater units, and two deepwater rigs. Seadrill is in negotiations for new rig construction contracts for a seventh rig. The initial six rigs are all under contract, and the combined backlog is more than $3 billion. The new company will list on the Norwegian over-the-counter exchange initially, with plans to list on the Oslo exchange sometime in 2011.
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source: Toronto Star