Seadrill purchases ultra-deepwater drillship ‘West Polaris’

Seadrill Limited announces it has exercised a purchase option for the West Polaris, a 6th generation ultra-deepwater drillship, from Ship Finance International Limited.

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 US$ 456 million and total consideration payable to Ship Finance is US$ 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.


Adapted from a press release by David Bizley

Published on 02/01/2015


Get your FREE Oilfield Technology magazine »

Get your FREE trial of Hydrocarbon Engineering magazine »

Get your FREE trial of World Pipelines magazine »


 
 

Related articles

Seadrill Limited reports third quarter results

Seadrill Limited has reported third quarter 2014 EBITDA of US$ 635 million, and a net income of US$ 190 million.

Seadrill net income higher than forecast – considering more newbuild orders

The Norwegian rig giant, Seadrill, has reported a higher than forecast net income for Q1, prompting the company to consider further newbuild orders.

Seadrill makes US$ 1.2 billion drillship order

Seadrill has placed a US$ 1.2 billion drillship order with Samsung Heavy Industries.

Recommend magazines

  Oilfield Technology