Ship Finance Buys Oil Drill, Tanker

Monday, July 03, 2006
The AP has reported that Ship Finance International Ltd., which operates a fleet of about 50 crude oil tankers, said it bought a 2006 jack-up drilling rig for $210m and a 1997 Panamax crude carrier for $28.4m. Bermuda-based Ship Finance bought the jack-up rig, called SeaDrill 3, from SeaDrill III Ltd. Ship Finance chartered the rig back to SeaDrill III for 15 years. Under the contract, Ship Finance will receive a charter hire for $112,500 a day for the first three years of the lease, $51,000 a day for years four through seven, $43,500 for years eight and nine, and $40,000 a day for years 10 through 15. The contract also calls for Ship Finance to receive a 5 percent cut of the rig's profits after the third year if certain goals are met. SeaDrill III also got an option to buy back the rig after the third year for $135.5 million, or after 15 years for $60 million. Ship Finance bought the Panamax vessel from Golden Ocean Group Ltd. Golden Ocean then chartered the ship on back-to-back terms from Ship Finance. The contract leases the ship to Golden Ocean for 10 years at $10,000 a day for the first five years and $8,250 a day for the remaining five years. Throughout the term of the contract, Golden Ocean has the option to buy the vessel back. The companies plan sell the vessel after the lease expires. Delivery of the vessel is scheduled for August. Source: AP

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