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NADL - Amendments to Secured Credit Facilities

ID: 1431509
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(Thomson Reuters ONE) -


Hamilton, Bermuda, April 29, 2016 - North Atlantic Drilling Limited ("the
Company"), a majority owned subsidiary of Seadrill Limited, announces today that
it has reached agreement with its banking group to extend its US$2.0 billion
credit facility to June 2017 and to amend certain financial covenants.

These amendments are part of a broader package of measures Seadrill Limited, our
major shareholder, is undertaking to refinance and recapitalize the business.

The covenant amendments extend to 30 June 2017 and relate to the following:

1. A reset of the leverage covenant.
2. A revised definition of the Equity Ratio to exclude the impact of any change
to the market value of our rigs.
3. A suspension of the provision that allows lenders to receive a prepayment if
rig values decline below a minimum value relative to the loan balance
outstanding.

For additional detail on the terms of the agreement, please refer to our Annual
Report on Form 20-F filed with the U.S. Securities and Exchange Commission on
Thursday, April 28(th).



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 announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: North Atlantic Drilling Ltd. via GlobeNewswire
[HUG#2008228]






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Date: 04/29/2016 - 07:55
Language: English
News-ID 1431509
Character count: 3140
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Firma: North Atlantic Drilling Ltd.
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Stadt: Stavanger
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