Business Services Industry
Seadrill Ltd signs rig sale and leaseback agreement with Ship Finance International Ltd
Nordic Business Report, Jan 12, 2007
NORDIC BUSINESS REPORT-12 January 2007-Seadrill Ltd signs rig sale and leaseback agreement with Ship Finance International Ltd(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Norwegian-controlled offshore drilling contractor Seadrill Ltd announced on Friday (12 January) that it has signed a sale and leaseback agreement for the jack-up drilling rig newbuild West Prospero with Ship Finance International Ltd.
Seadrill is selling the rig for a consideration of USD210m and simultaneously leasing it back on a 15-year agreement. Seadrill will also have the option of repurchasing the rig.
Seadrill said that it would not record a profit from the deal as the rig will continue to be reported as an asset in its balance sheet.
Seadrill is headquartered in Hamilton in Bermuda. The company is listed on the Oslo Stock Exchange.
One British pound (GBP) is worth approximately 1.97 US dollars (USD).
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