NADL - North Atlantic Drilling Ltd. announces cons

NADL - North Atlantic Drilling Ltd. announces consolidation of shares

http://www.nadlcorp.com/modules/module_123/pr...mp;mid=179

Hamilton, Bermuda, November 19, 2012 - Pursuant to the resolution which was passed by the Annual General Meeting held at Bermuda on September 21, 2012, the Board of Directors of North Atlantic Drilling Ltd. (the "Company") has decided to execute a five shares to one share consolidation of all of the ordinary shares of the Company.

As a result of the consolidation exercise, the total number of shares in issue will be consolidated into one new ordinary share of US$5.00 par value each (the New Shares) for every five ordinary shares of $1.00 par value each (the Existing Shares). Consequently, the authorized number of ordinary shares will be reduced from 2,000,000,000 shares at US$1.00 par value to 400,000,000 shares at US$5.00 par value, and the outstanding number of ordinary shares as of November 20, 2012 will be reduced from 1,150,015,000 shares to 230,003,000 shares.

Fractional entitlements resulting from the consolidation will be aggregated and sold to the Company at a price equal to the closing price of the Company's Existing Shares on the N-OTC list on November 20, 2012, before consolidation into New Shares which will be held as treasury shares by the Company. The net proceeds of the aggregation will be distributed in due proportion among those shareholders entitled thereto. The record date for the share consolidation of the Existing Shares is November 20, 2012 and the New Shares will be traded from and including November 21, 2012. It is intended that the consolidation of the shares will be reflected in the VPS system from open of business on November 26, 2012.

North Atlantic Drilling is a leading offshore harsh environment drilling company in which Seadrill Limited currently holds a 74 percent ownership interest. The Company has a fleet of six harsh environment units in operation and two newbuilds under construction. North Atlantic Drilling is currently listed on the N-OTC list in Norway.

Contacts:
Rune Magnus Lundetræ
Chief Financial Officer
Seadrill Management AS
+47 51 30 99 19

Tore Byberg
VP Commercial Finance
North Atlantic Management AS
+47 51 30 95 42