Ship Finance To Sell Ultra-deepwater Drillship To Seadrill - Quick Facts

(RTTNews) - Ship Finance International Limited (SFL) said that Seadrill Limited (SDRL) has exercised a purchase option for an ultra-deepwater drilling unit, the "West Polaris". The purchase option price is $456 million.

Ship Finance acquired the West Polaris in 2008 and it was chartered to a subsidiary of Seadrill on a long-term bareboat charter where Seadrill was granted certain purchase options, first time in 2012. The transaction will be effected as a sale of the shares in the asset-owning subsidiary.

Ship Finance said it will receive about $108 million in net cash proceeds from the sale and does not expect a material book impact from the transaction.