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Tuesday, December 30, 2014

BRIEF-Seadrill exercises option to purchase West Polaris drillship, (NYSE: SDRL)

Seadrill * Seadrill Limited has exercised a purchase option for the West Polaris, a 6th generation Ultra-Deepwater drillship, from Ship Finance International Limited* 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 Limited an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Shares of SDRL fell by 1.24% or $-0.15/share to $11.91. In the past year, the shares have traded as low as $10.55 and as high as $41.29. On average, 13606700 shares of SDRL exchange hands on a given day and today's volume is recorded at 11934679.