Rosneft inks asset swap with Norwegian drilling company

Russian energy company Rosneft said Friday it signed an agreement to acquire a stake in a Norwegian drilling company in exchange for drilling rigs.

Rosneft signed a framework agreement with North Atlantic Drilling Ltd.

"This deal will allow Rosneft to acquire new capabilities in the sphere of oilfield services, by engaging the best professionals, with unique expertise in operations in harsh climate conditions," Rosneft Chief Executive Officer Igor Sechin said in a statement Friday.

Rosneft was the target of sanctions imposed by Western powers in response to Russia's stance on crises in Ukraine. Sechin himself was sanctioned by the U.S. government.

Nevertheless, the Russian oil company has signed a string of agreements with its international counterparts, including an Aug. 1 deal to acquire Venezuelan assets from oil services company Weatherford International.

Last week, Rosneft announced it started an exploration program in the arctic waters of the Barents Sea with Norwegian energy company Statoil.

On the latest deal, Sechin said Rosneft and its Norwegian partners are creating an international partnership in drilling services.

"The company will notably strengthen its positions on the market of high-technology oilfield services alongside with world's sector leaders," he said.