SDRL - Purchase of the ultra-deepwater drillship "West Polaris"

Hamilton, Bermuda, December 30th, 2014 - Seadrill Limited ("Seadrill" or the "Company") announces it has exercised a purchase option for the West Polaris, a 6th generation Ultra-Deepwater drillship, from Ship Finance International Limited SFL ("Ship Finance").

 

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.

 

 

 

FORWARD LOOKING STATEMENTS

The statements described in this presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements which could be made include, but are not limited to, statements involving prospects for the Company, expected revenues, capital expenditures, costs and results of operations and contingencies and other factors discussed in the Company's most recent annual report on the Form 20-F for the year ended December 31, 2013 and in the Company's other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to the Company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements.

 

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.