Seadrill's (SDRL +0.7%) North Atlantic Drilling strikes a sale-and-leaseback deal with Ship...

|About: Seadrill Limited (SDRL)|By:, SA News Editor

Seadrill's (SDRL +0.7%) North Atlantic Drilling strikes a sale-and-leaseback deal with Ship Finance (SFL +0.2%) to break off a harsh-environment newbuild jack-up in a move to cut its financial exposure on the rig. SFL will pay $600M to acquire the West Linus, currently under construction at Singapore’s Jurong Shipyard and due for delivery in December, with North Atlantic to take back the rig on a bareboat charter of 15 years.