Drilling giant fighting for Rosneft collaboration

Sanctions against Russian companies make John Fredriksen's North Atlantic Drilling fight for its giant collaboration with Rosneft. The company will request an exception, according to Barents Observer.

BY LOUISE VOGDRUP-SCHMIDT

Published: 01.12.14 at 14:58

North Atlantic Drilling is now feeling so threatened by the current sanctions imposed on Russia by the west that the company is trying to work around them.

The drilling company could be hit by the sanctions, as Rosneft and North Atlantic Drilling have signed a deal in which Rosneft will acquire a large stake - likely as much as 30 percent - in the drilling company. Seadrill, owned by John Fredriksen, owns 70 percent of the shares in North Atlantic Drilling.