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NADL $ Hotstock $ NADL - Announces long-term contract with Conoco Phillips

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NADL - Announces long-term contract awards for the West Elara and the West Linus with ConocoPhillips











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Hamilton, Bermuda, April 11, 2017
- North Atlantic Drilling Ltd ("North Atlantic" or "the Company") has
secured 10-year contract awards for the jack-ups West Elara and West
Linus with ConocoPhillips Skandinavia AS ("ConocoPhillips") for work in
the Greater Ekofisk Area. The total additional backlog for the new
contract awards is estimated at $1.4 billion excluding performance
bonuses.
As part of the agreement,
the Company has agreed to a dayrate adjustment on the existing West
Linus contract effective from April 2017, resulting in a $58 million
reduction in current backlog.
The
new West Elara contract which is expected to commence in October 2017
includes a period of fixed dayrates until March 2020 and contributes
approximately $160 million of contract backlog. A market indexed rate is
applicable thereafter until October 2027 which the Company believes
will contribute an estimated $530 million of contract backlog.
The
contract on West Linus has been extended from May 2019 until the end of
2028 at a market indexed dayrate, which the Company believes will
contribute an estimated $706 million of contract backlog.
The
backlog estimate indicated for the market indexed rate period for each
rig is based on the third party dayrate assumptions presented in the
Seadrill Limited release dated January 31, 2017 and includes an agreed
percentage discount. The estimates are subject to changes based on
market conditions.
The awards are subject to ConocoPhillips receiving partner approvals for the contracts.

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 at the date of this news release. Important factors that could cause
actual results to differ materially from those in the forward-looking
statements include, but are not limited to offshore drilling market
conditions including supply and demand, day rates, customer drilling
programs and effects of new rigs on the market, contract awards and rig
mobilizations, contract backlog, dry-docking and other costs of
maintenance of the drilling rigs in the Company's fleet, the cost and
timing of shipyard and other capital projects, the performance of the
drilling rigs in the Company's fleet, delay in payment or disputes with
customers, our ability to successfully employ our drilling units,
procure or have access to financing, ability to comply with loan
covenants, liquidity and adequacy of cash flow from operations,
fluctuations in the international price of oil, international financial
market conditions changes in governmental regulations that affect the
Company or the operations of the Company's fleet, increased competition
in the offshore drilling industry, and general economic, political and
business conditions globally and our ability to negotiate and complete a
comprehensive restructuring, either on a consensual basis or otherwise.
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
SEC, including its Annual Report on Form 20-F. 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 us to predict all of these
factors. Further, the Company cannot assess the impact of each such
factors 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.