NADL - Partnership Discussions On Hold, Filing For NYSE Listing

HAMILTON, Bermuda, Oct. 11, 2013 (GLOBE NEWSWIRE) --
Hamilton, Bermuda, October 11, 2013 - North Atlantic Drilling Ltd. ("NADL" orthe "Company") and Seadrill Limited ("Seadrill") announced on August 15, 2013that the companies were actively engaged in specific discussions with thepotential to bring in a strategic partner as a major owner in NADL. The partieshave made solid progress in these discussions but have not yet been able to finda mutually acceptable solution to all transaction parameters, includingtreatment of minority shareholders.In view of the commitment NADL has given to its shareholders to list thecompany, Seadrill has decided to put the current discussions on hold and NADLwill proceed with an independent listing on NYSE. The Company expects to filewith the SEC during the fourth quarter and proceed with the offering in duecourse following the SEC review process.The recent discoveries in the Barents Sea and Newfoundland by OMV, Lundin andStatoil have further highlighted the attractiveness of the harsh environmentmarket. In order to position the fleet to meet this new market NADL is presentlyin final discussions with Jurong shipyard in order to upgrade the newbuildingWest Rigel to meet full year drilling operations in Arctic waters.Seadrill remains fully committed as long term shareholder in NADL and believesthat establishing NADL as an independently listed and financed entity is animportant strategic goal. The Board will continue to look for strategicpartnerships which can strengthen the company's Arctic experience and marketposition with the target to create additional value for all shareholders.NADL is an offshore harsh environment drilling company with focus on the NorthAtlantic basin. The company has nine drilling units in the fleet, including fivesemi-submersible, a drillship, and three jack-up rigs. Seadrill Limitedcurrently owns 74% of the outstanding shares and the company is traded on theNorwegian OTC list with a market capitalization of approximately US$2.3 billion.This information is subject of the disclosure requirements pursuant to section5-12 of the Norwegian Securities Trading Act.[HUG#1735094]
CONTACT: Seadrill         +47 51 30 99 00

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