HAMILTON, Bermuda, Jan. 24, 2014 (GLOBE NEWSWIRE) -- North Atlantic Drilling Ltd. ("North Atlantic Drilling"), our majority owned subsidiary, announced today the commencement of its initial public offering of 13,513,514 common shares. North Atlantic Drilling will grant the underwriters a 30-day option to purchase up to 2,027,027 additional common shares. The common share amounts are based on an assumed initial public offering price of $9.25 per share, which is the mid-point of the estimated price range of $8.50 to $10.00 per common share for this offering. The net proceeds of this public offering are expected to be used for general corporate purposes and working capital.
On January 23, 2014, the closing price of North Atlantic Drilling's common shares on the Norwegian OTC List was $8.97 per share (based upon the Bloomberg Composite Rate of $0.1639 per NOK 1.00 in effect on that date).
This initial public offering is being made pursuant to a registration statement on Form F-1 (File No. 333-185394), including a prospectus, previously filed with the U.S. Securities and Exchange Commission (the "SEC"). North Atlantic Drilling has been approved for listing of the common shares on the New York Stock Exchange under the symbol "NADL," subject to official notice of issuance.Concurrent with the initial public offering, North Atlantic Drilling plans to offer to exchange all of the unregistered common shares that it previously issued in its prior equity private placements, other than the common shares owned by affiliates of North Atlantic Drilling, for common shares that have been registered under the Securities Act of 1933, as amended, which North Atlantic Drilling refers to as the Exchange Offer. North Atlantic Drilling has filed a registration statement on Form F-4 (File No. 333-185395) to register the common shares to be offered by North Atlantic Drilling in the Exchange Offer. North Atlantic Drilling expects such registration statement to become effective concurrently with the registration statement related to the initial public offering.