Complete Maritime Profile & Reviews of West-Polaris

Seadrill Limited, an offshore oil drilling powerhouse based in Bermuda and helmed by renowned billionaire John Fredriksen, has struck a lucrative deal to sell its advanced 6th generation drillship, West Polaris, to its subsidiary, Seadrill Operating LP. This strategic move is set to inject a substantial $204 million into the company’s coffers, alongside generating a significant daily revenue of $203,000. The West Polaris, a cutting-edge ultra-deepwater drillship, was delivered by Samsung Heavy Industries back in 2008. As part of its operational commitments, the drillship is scheduled to remain engaged in operations in Angola, fulfilling its contract with ExxonMobil, which runs until March 2018. The transaction involves the complete acquisition of Seadrill Polaris, the ownership entity of the drillship, by Seadrill Operating LP, which is predominantly owned (58%) by Seadrill Partners, LLC. This acquisition will not only involve the cash payment of $204 million but also encompass $336 million of existing debt linked to the current financial arrangements. As this deal unfolds, it marks a significant chapter in Seadrill’s ongoing strategic repositioning in the maritime sector.

Seadrill Limited has officially confirmed the exercise of its purchase option for the ultra-deepwater drillship known as the West Polaris from Ship Finance International Limited. Originally acquired by Ship Finance in 2008, the West Polaris has been under a bareboat charter agreement with Seadrill since then, with purchase options first becoming available in 2012. The agreed purchase price for the West Polaris stands at an impressive US$456 million, marking a significant investment in Seadrill's operational capabilities in the deepwater drilling sector.