Seadrill to purchase West Polaris ultra-depwater drillship

December 30, 2014

Seadrill to purchase West Polaris ultra-depwater drillship

HAMILTON, Bermuda -- Seadrill has exercised a purchase option for the West Polaris, a 6th generation ultra-depwater drillship, from Ship Finance International.
 
The West Polaris was acquired by Ship Finance in 2008 and subsequently bareboat chartered to Seadrill with purchase options commencing in 2012.

The purchase option price is $456 million and total consideration payable to Ship Finance is $108 million. The transaction will be executed as a purchase of shares in Ship Finance's asset owning subsidiary SFL West Polaris, which is currently a consolidated entity in Seadrill.

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