SFL – Ship Finance and Seadrill in USD 210 million rig transaction
Ship Finance International Limited (“Ship Finance”) is pleased to advise the purchase of the 2006 built jack up drilling rig Seadrill 3 for a purchase price of USD 210 million.
The rig is chartered back to the seller Seadrill III Limited for a period of 15 years. The parent company Seadrill Limited has guaranteed the charter party. Ship Finance will receive a charter hire of USD 112,500 per day for the first 3 years, USD 51,500 for the years 4-7, USD 43,500 for the years 8 and 9 and USD 40,000 for the years 10-15. In addition to the fixed charter rate Ship Finance will receive a profit split element of 5 % above certain threshold levels after year 3. During the charter party the charterer will have several options to buy back the rig. The first purchase option is after 3 years at USD 135.5 million and the last purchase option is after 15 years at USD 60 million.
The purchase of the rig is part financed by a USD 165 million term loan facility arranged by Nordea Bank Norge ASA and DnB NOR ASA.