May 28 (Reuters) - North Atlantic Drilling
* The firm, a subsidiary under Seadrill, says "although the near term outlook remains challenging, the market could rebalance the marketed supply, taking into account the newbuild orderbook, if scrapping activities continue to increase"
* Says continues to be constructive on its agreement with Russia's Rosneft to pursue opportunities in the Russian Arctic
* Says second quarter results are expected to show an improvement from the first quarter primarily drivenby improved operational performance, reduced stacking costs on the West Navigator and progress on the cost savings program
* Q1 EBITDA $92.4 million Source text for Eikon: Further company coverage: (Reporting By Stine Jacobsen)