NODL: Third Quarter 2018 Results and appointment of new CEO
30 November 2018 – Hamilton, Bermuda
Northern Drilling Limited (OSE: NODL) (together with its subsidiaries, the “Company”), today reports unaudited results for the third quarter ended 30 September 2018.
Please find attached the Interim Financial Information report which will also be made available on the Company’s website.
On 29 November 2018, the Company’s Board of Directors appointed Scott McReaken as the Chief Executive Officer with effect from 3 December 2018. Mr McReaken will succeed Gunnar Winther Eliassen who will continue to support the Company through Seatankers Consultancy Services. Mr McReaken has been employed by Seadrill Group of Companies since 2012 where he served as Chief Executive Officer and Director of Sevan Drilling and Chief Financial Officer of North Atlantic Drilling Ltd. With commencement of West Mira for operations in Norway, Northern Drilling will enter into a new phase of business. The Board believes Mr McReaken brings the experience and leadership necessary to successfully oversee this important transformation of the Company. The Company will continue to primarily remain an asset platform and is not targeting a further expansion of in-house operational capabilities. All operational capabilities and requirements will continue to be sourced through management contracts maintaining Northern Drilling’s extremely cost competitive and flexible platform.
In connection with the appointment as Chief Executive Officer, the Board has awarded McReaken 100,000 share options. The share options will expire on 30 November 2023, and 1/3 of the options will vest on 30 November 2019, 1/3 on 30 November 2020 and 1/3 on 30 November 2021. The exercise price is NOK 63.80, subject to customary adjustments including for any distribution of dividends made before the relevant options are exercised. McReaken does not hold shares or other rights to shares in the Company.
Gunnar W. Eliassen, CEO
+44 (0) 74 6914 0012
Additional information about the Company can be found at:
Forward Looking Statements Matters discussed in this release may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates, sometimes identified by the words “believes”, “expects”, “intends”, “plans”, “estimates” and similar expressions. The forward-looking statements contained in this release, including assumptions, opinions and views of the Company or cited from third-party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company does not provide any assurance that that the assumptions underlying such forward-looking statements are free from errors, nor does the Company accept any responsibility for the future accuracy of the opinions expressed in the presentation or the actual occurrence of the forecasted developments. No obligations are assumed to update any forward-looking statements or to conform to these forward-looking statements to actual results.