NADL - Interim funding from Seadrill Limited amended
June 28 2017 - 6:51AM
Hamilton, Bermuda, June 28, 2017 - North Atlantic
Drilling Ltd ('NADL' or 'the Company') announces today that it has
amended the revolving credit facility provided by Seadrill Limited,
its majority shareholder, to mature on July 31, 2017 and increased
it to $150 million. This interim funding arrangement has been
put in place while broader restructuring negotiations continue at
both companies.
The facility was originally entered into on
January 31, 2017 for $25 million maturing on March 31, 2017. On
April 25, 2017 the facility was amended to mature on June 30, 2017
and increased to $50 million.
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 to 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
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