Seadrill acquires West Polaris drillship

Offshore staff

HAMILTON, Bermuda -- Seadrill has exercised a purchase option for the ultra-deepwater drillship West Polaris from Ship Finance International (NYSE:SFL).

The seller acquired the vessel in 2008 and subsequently agreed a bareboat charter to Seadrill with purchase options starting in 2012. The purchase option price is $456 million and the total consideration payable to Ship Finance is $108 million.

Seadrill will undertake the transaction as a purchase of shares in Ship Finance subsidiary SFL West Polaris.


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