Petroleum Africa
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Wednesday, December 31, 2014
Seadrill Ltd. exercised a purchase option for the West Polaris from Ship Finance International Ltd. (SFL) 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 Ltd., which is currently a consolidated entity in Seadrill.
The company said it does not expect any immediate material impact to its financial statements as a result of this transaction.
The West Polaris has been working in both West and East Africa over the past couple of years.
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