Brief: Northern Ocean Says Reached Agreement In Principle With Seadrill To Settle Outstanding Balances

Northern Ocean

11/02/2021 16:39

Feb 11 (Reuters) - Northern Ocean Ltd  NOL.OL :
    * REACHED AN AGREEMENT IN PRINCIPLE WITH SEADRILL LIMITED TO
SETTLE OUTSTANDING BALANCES
    * NORTHERN OCEAN - UPON CONCLUDING SETTLEMENT, NOL EXPECTED
TO BE
WELL POSITIONED TO CONTINUE OPERATIONS ON ITS TWO DRILLING RIGS
IN NORTH SEA
    * SETTLEMENT PAYMENTS WILL BE COMPLETED IN TWO PARTS
    * FIRSTLY, NOL WILL MAKE CERTAIN QUARTERLY INSTALMENT
PAYMENTS
WITH FINAL PAYMENT DUE DECEMBER 31, 2021
    * TOTAL PAYMENTS BY DECEMBER 2021 ARE EXPECTED TO BE
APPROXIMATELY
USD 45 MILLION
    * NORTHERN OCEAN -SECONDLY, SEADRILL TO RETAIN NET EARNINGS
GENERATED UNDER WEST BOLLSTA CONTRACT FROM COMMENCEMENT OCT 6
2020 & UP UNTIL MARCH 1, 2021
    * SETTLEMENT IS CONDITIONAL UPON SEADRILL OBTAINING APPROVAL
BY
BANKRUPTCY COURT UNDER THEIR CHAPTER 11 PROTECTION IN US
    * IN CONNECTION WITH SETTLEMENT NOL HAS COMMITTED TO RAISE
USD 30
MILLION OF NEW EQUITY

Source text for Eikon:  ID:nObiVYbJ9a 
Further company coverage:  NOL.OL 

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