Seadrill Ltd. has exercised a purchase option for the West Polaris, a sixth-generation ultradeepwater drillship, from Ship Finance International Ltd., Seadrill said in a news release.

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 $456 million and total consideration payable to Ship Finance is $108 million, the release said.

The transaction will be executed as a purchase of shares in Ship Finance's asset owning subsidiary SFL West Polaris Ltd., which is currently a consolidated entity in Seadrill.