North Atlantic Drilling jumps after announcing amendment to Jurong Shipyard pact
Earlier today, North Atlantic Drilling said: North Atlantic Drilling refers to the press release on December 3, 2015, June 7 and August 25 which announced a standstill agreement and subsequent amendments to defer delivery of the semi-submersible West Rigel. The Company announces an amendment has been agreed with Jurong Shipyard Pte , which extends the delivery deferral period to January 6, 2017. The extension allows the parties to continue to explore commercial opportunities for the Unit. As previously agreed, in the event no employment is secured for the Unit and no alternative transaction is completed, the Company and Jurong will form a Joint Asset Holding Company for joint ownership of the Unit, to be owned 23% by the Company and 77% by Jurong. Shares of North Atlantic Drilling are up 5.57% or 16c to $3.12 per share in morning trading.