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CMA Shipping 2011

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The Next Best Great Thing

Based upon all the activity in Norway, the harsh environment is the flavor of the moment. Just in the past few weeks, equity offerings for Aker Drilling and Discovery Offshore are in process or were just concluded. Not to let a good thing go by, Mr. Fredriksen decided to create a new drilling company focusing entirely on harsh environment operations, which has been named North Atlantic Drilling Limited (“NADL”) reflecting its chosen operating area in the North Atlantic Basin. Seadrill Limited will spin off six of its nine harsh environment units into the new company. NADL’s new fleet, with an average age of 11.2 years, will consist of 3 semi-submersibles, 1 drillship and 2 jack-ups, one of which will deliver next quarter. All but the newbuilding are currently working in Norway. A seventh unit currently in the final stages of negotiation will also join the fleet when delivered.

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