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Ship Finance Doubles Down

After entering into its first sale-leaseback with Seadrill for a drillship in May, Ship Finance announced on Tuesday that it had agreed to acquire two newbuilding ultra-deepwater semi-submersible drilling rigs from subsidiaries of Seadrill Limited in combination with 15-year bareboat charters back. The cost of the two rigs is approximately $1,700 million and will be financed with a $1,400 million bank facility (LTV of 82%). The $300 million net investment by Ship Finance will be sourced from existing liquidity, the refinancing of existing assets with low gearing and a substantial profit sharing payment due from Frontline.

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Written by: | Categories: Freshly Minted, The Week in Review | September 18th, 2008 |

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