Ship Finance Buys $185M Oil Rig

Bermuda-based Ship Finance International Ltd. agreed to buy an oil rig for $185 million from Sweden-based Consafe Offshore AB and lease it back to the offshore oil and gas company for 30 years. Consafe has the right to purchase the rig back after 10 years, Ship Finance said. Ship Finance -- which owns most of the oil tankers operated by Bermuda-based tanker company Frontline Ltd. -- will assume ownership of the rig this quarter, after upgrades are made to the rig. Ship Finance's fleets are managed by Frontline Management, the parent company of Frontline Ltd. (Source: www.banknet360.com)