Rosneft Moves to Thwart EU Sanctions With Norwegian Rigs: Energy

A Norwegian drill rig owner is supplying Russian oil giant OAO Rosneft and Exxon Mobil Corp. with the kind of high technology that will be barred under U.S. and European Union sanctions taking effect as soon as tomorrow.

Though the EU said it will deny export licenses for equipment intended for deep-water and arctic oil production, Rosneft’s six rig leases from Seadrill Ltd.’s North Atlantic Drilling unit, signed July 29, appear to thwart sanctions intended to block Russian oil companies from obtaining Western drilling expertise. Seadrill’s unit can proceed with the Rosneft contracts, worth $4.25 billion, because they were signed before the sanctions take effect, said Rune Magnus Lundetrae, Seadrill’s chief financial officer.