Both the firms have signed an investment and co-operation agreement, which will give North Atlantic access to the Russian drilling market.
Under the deal, which will last until at least 2022, North Atlantic will also enter into onshore drilling in Russia and sign contracts for several offshore assets.
North Atlantic has already been contracted to drill the first two wells in 2014 and 2015 in the Kara Sea for Rosneft ‘s joint-venture with Exxon Mobil.
The agreement will see Rosneft employ around nine offshore rigs for about 35 rig years.
The transaction, which is subject to customary closing conditions, is expected to be completed during the second half of 2014.
After the initial transaction, Seadrill will remain the largest shareholder in North Atlantic Drilling .
North Atlantic Drilling said it will continue its activities in Stavanger and focus on the existing operations and future growth.
"By partnering best-in-class drilling with a supermajor who produces more than five million barrels per day, we, after closing of this transaction, will have created a powerful force in the Russian market and for Arctic regions on a global basis."