Recently, the Russian oil company Rosneft, Seadrill and its subsidiary North Atlantic Drilling all said “nyet” to closing the deal next month as originally set out in the framework agreement they had entered into in August 2014.
Under the terms set out in the original agreement, the transaction among the three companies involving long-term oil field development projects was due to close in May 2015. Instead, all three companies recently agreed to extend the termination date of the framework agreement until May 31, 2017.
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