North Atlantic Drilling Ltd. (fka NADLQ)

[eFinanceMarkets]

North Atlantic Drilling, Seadrill win extra time on Rosneft deal

North Atlantic Drilling (NYSE:NADL) +8.4% and Seadrill (NYSE:SDRL) +4.3% premarket after agreeing to extend their closing date in a framework agreement with Rosneft (OTC:RNFTF) to May 2019, amid continued western sanctions on Russia.

Under the framework deal, Rosneft was to acquire a 30% stake in NADL in exchange for land drilling rigs and cash; in a separate agreement, NADL would provide six offshore drilling rigs to Rosneft.

NADL and SDRL can continue to market the offshore drilling rigs and enter into binding contracts with third parties.