NADL - North Atlantic Drilling Ltd. reschedules fourth quarter 2016 earnings release and conference call
February 22 2017 - 1:31AM
Hamilton, Bermuda, February 22,
2017 - North Atlantic Drilling Ltd ("North Atlantic" or "the
Company") announces it has rescheduled its fourth quarter and
preliminary 2016 results and conference call to Tuesday, February
28, 2017 at 11:00am EST / 4:00pm GMT to provide additional time for
the Company to complete its review of the accounting for the
Company's interest rate and cross currency hedges.
The Company has determined that a restatement of
its 2015 financial statements is required to correctly reflect US
GAAP fair value accounting principles applied to the Company's
interest rate and cross currency swap portfolio. The net
impact of these non-cash adjustments to the Company's 2015
financial statements is expected to increase shareholders equity in
the range of $30 to 50 million.
The net impact of these non-cash adjustments to
the Company's 2016 financial statements up to and including the
third quarter is expected to be an increase to shareholders equity
in the range of $0 to 15 million.
These changes are not expected to have an impact
on compliance with the Company's financial covenants for prior or
current periods.
The Company has determined that there was a
material weakness in the Company's internal controls over financial
reporting relating to its accounting for these interest rate and
cross currency hedges. These expected adjustments should be
considered when reviewing previously reported financial results for
the year ended December 31, 2015 and through the third quarter of
2016.
FORWARD LOOKING STATEMENTS
This news release includes forward looking
statements. Such statements are generally not historical in nature,
and specifically include statements about the Company's plans,
strategies, business prospects, changes and trends in its business
and the markets in which it operates. These statements are made
based upon management's current plans, expectations, assumptions
and beliefs concerning future events impacting the Company and
therefore involve a number of risks, uncertainties and assumptions
that could cause actual results to differ materially from those
expressed or implied in the forward-looking statements, which speak
only as of the date of this news release. Consequently, no
forward-looking statement can be guaranteed. When considering these
forward-looking statements, you should keep in mind the risks
described from time to time in the Company's filings with the
Securities and Exchange Commission, including its Annual Report on
Form 20-F (File No. 001-34667). The Company undertakes no
obligation to update any forward looking statements to reflect
events or circumstances after the date on which such statement is
made or to reflect the occurrence of unanticipated events. New
factors emerge from time to time, and it is not possible for the
Company to predict all of these factors. Further, the Company
cannot assess the impact of each such factor on its business or the
extent to which any factor, or combination of factors, may cause
actual results to be materially different from those contained in
any forward looking statement.
This information is subject of the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: North Atlantic Drilling Ltd. via
Globenewswire
North Atlantic Drilling Ltd. (NYSE:NADL)
Historical Stock Chart
From Aug 2024 to Sep 2024
North Atlantic Drilling Ltd. (NYSE:NADL)
Historical Stock Chart
From Sep 2023 to Sep 2024