Is this the way that JF plans to get a major foothold in the Russian and Siberian Arctic harsh fields ?
By offering a large position in one of his firms to a major Russian E&P company ?
It will be interesting to see who the partner at Atlantic Drilling turns out to be........
Another shrewd move by JF
My first guest about the partner would be Rosneft - here is a story on them
Last year, Russian state-controlled oil conglomerate Rosneft became the largest oil company in the world after acquiring one of its major competitors. The company has had its sights on tapping Russia's vast, treacherous Arctic reserves, and after making a few huge deals, it looks like it now has the resources needed to do so.
Russia's Arctic is estimated to have 25 to 30 billion tons of recoverable oil reserves, which is stunning when you consider there are around 359 billion proven reserves worldwide, including shale oil and oil sands. The only problem is that the Arctic reserves are incredibly hard to exploit, as we saw with Shell's platform disaster earlier this year. Fields in the Kara and Barents Seas are stuck in incredibly cold and rough seas, and the huge reserves in Siberia's Laptev, East Siberian, and Chuckchi Seas are additionally separated from population centers by thousands of miles of tundra.
Those vast oil and gas fields aren't impossible to tap, just expensive. With oil platforms in the farthest reaches estimated to cost somewhere between $5 billion and $8 billion apiece, it should come as no surprise that the Arctic has remained quiet this long. (It's also a reason why Soviet scientists wanted to melt the whole thing.)
Crucially, it comes with a $30 billion to $70 billion upfront prepayment from the Chinese government, which means Rosneft can now afford to pay off the huge debt it incurred in the TNK-BP deal, along with a host of smaller licensing agreements, and focus on putting funds towards developing its Arctic interests. In plain terms, Rosneft had already won the keys to the Arctic, but now it can finally afford to use them.
Rosneft, which has plenty of supporters in the Russian government, now appears to have put together all the pieces of the Arctic puzzle. It owns up to 75 percent of total drilling rights in the Russian shelf ...
Sounds like significant cash coming in form this new sale - but hard to know what a "substantial minority" of $2.3 billion
OSLO, Aug 15 (Reuters) - Seadrill, the world's biggest gas and oil rig company by market capitalisation, is to sell part of its North Atlantic Drilling subsidiary to take on a strategic partner with expertise on Arctic operations.
The offshore drilling arm of shipping tycoon John Fredriksen's business empire said it will sell a "substantial minority" of North Atlantic Drilling to an unnamed investor at current market prices.
Seadrill will offer an option to increase the stake later, but the buyer would have to pay a premium to acquire an eventual majority, it added.
"The potential strategic partner has a strong foothold in the Russian market, vast experience and competence in Arctic operations, including unique expertise in ice management," Seadrill said.
Seadrill will use part of the proceeds from the deal to buy more shares in North Atlantic Drilling in the open market and also plans to list the subsidiary's shares on a U.S. market immediately after closing the deal.
"The remaining proceeds will be used to fund existing and new growth opportunities within Seadrill's global ultra-deepwater and premium jack-up (rig) businesses and might also be used to support Seadrill's share of further growth in North Atlantic Drilling," it said.
North Atlantic Drilling, which has nine drilling units, has a market capitalisation of about $2.3 billion. Although it is not listed, its shares are traded over the counter in Oslo and were up 3.9 percent on Wednesday.
So what the hell does this mean?...
"Seadrill will use part of the proceeds from the deal to buy more shares in North Atlantic Drilling in the open market and also plans to list the subsidiary's shares on a U.S. market immediately after closing the deal."
Who is NA Drilling?.... no such company that I can access..... they're using the dough for what?