The new package was formally adopted by the EU on 31 July. Speaking to Bloomberg, Seadrill Chief Financial Officer Rune Magnus Lundetrae said the contracts could proceed because they were signed 29 July, before the sanctions took effect. Also executed on the wire was an US$150 million, 2.5-year agreement between Rosneft, NADL and Northern Offshore Ltd. for the use of Northern Offshore's Energy Endeavor jackup. "[The sanctions are] meant as a strong warning: llegal annexation of territory and deliberate destabilization of a neighboring sovereign country cannot be accepted in 21st century Europe. ... The European Union will fulfil its obligations to protect and ensure the security of its citizens. And the European Union will stand by its neighbors and partners," the EU said. Sanctions were issued against Rosneft president earlier this year.