North Atlantic Drilling Limited (OTCPK:NATDF) is a Bermudan offshore drilling contractor specializing in drilling offshore oil and gas wells in harsh environments such as the Norwegian Arctic regions. The company was formed via a 2011 equity carve-out of six of Seadrill Limited's (NYSE:SDRL) rigs. Seadrill remains the largest stockholder of North Atlantic Drilling with an ownership stake consisting of 73% of the shares outstanding. I wrote an investment thesis for Seeking Alpha PRO several months ago that remains valid even though the stock price has fallen since that time. Since the time that I wrote that last analysis, the company has released an earnings report that was better than the previous one and the lower stock...
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