Seadrill Acquires West Polaris Drillship from Ship Finance International
Seadrill Limited (Seadrill or the Company) announced Tuesday that it has exercised a purchase option for the West Polaris (UDW drillship) from Ship Finance International Limited (Ship Finance).
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 Limited, which is currently a consolidated entity in Seadrill. Seadrill does not expect any immediate material impact to its financial statements as a result of this transaction.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Norway's Seadrill Gets Two Rival Debt Restructuring Proposals (Oct 23)
- Seadrill's Debt Overhaul Faces Creditor Scrutiny (Oct 02)
- Seadrill Files for Bankruptcy in Bid to Shrink Debt Burden (Sep 13)