4. Acquisitions On June 13, 2018, we entered into a share purchase agreement with Ship Finance International Limited to acquire the shares of Rig Finance Limited, an entity that owns the Soehanah jack up rig, a Baker Marine Pacific Class 375 jackup rig, and related bareboat charter to which Rig Finance Limited is a party, for $84.0 million, subject to certain adjustments for working capital and liabilities of the entity not discharged by the acquisition date. We made a down payment of $15.0 million in connection with the execution of the share purchase agreement, and the remaining $69.0 million (as may be adjusted pursuant to the terms of the share purchase agreement) is due at closing, which must occur no later than the close of business on December 10, 2018. If the closing does not occur by such time, the down payment will be forfeited to the extent the failure to close resulted from (i) a breach by us of our representations, warranties or other obligations under the share purchase agreement, or (ii) the failure by us to consummate the sale despite being otherwise obligated to do so under the terms of the share purchase agreement. In addition, pursuant to the bareboat charter currently in place with respect to the rig, the entity to which the rig is currently chartered has the right to acquire the rig at the end of the term of the bareboat charter for an amount no lower than $100 million. Otherwise, the transaction is subject to customary closing conditions, including, to the extent required by law, certain regulatory approvals. In April 2017, pursuant to a purchase and sale agreement with a third party, we completed the purchase of the Vantage 260 , a class 154-44C jackup rig, and related multi-year drilling contract for $13.0 million. In August 2017 we substituted the Sapphire Driller , a Baker Marine Pacific Class 375 jackup rig, to fulfill the drilling contract. The Vantage 260 was classified as held for sale on acquisition and was sold on February 26, 2018. We accounted for the acquisition of the Vantage 260 as a business combination in accordance with accounting guidance which requires, among other things, that we allocate the purchase price to the assets acquired and liabilities assumed based on their fair values as of the acquisition date. The following table provides the acquisition date estimated fair values of the assets acquired and liabilities assumed: (in thousands) Total cash consideration $ 13,000 Purchase price allocation: Drilling contract value 12,640 Rig equipment to be sold (net of disposal costs) 2,050 Drillpipe assets 700 Severance liabilities assumed (480 ) Net assets acquired 14,910 Bargain purchase gain $ 1,910 Under accounting guidance, a bargain purchase gain results from an acquisition if the fair value of the purchase consideration paid in connection with such acquisition is less than the net fair value of the assets acquired and liabilities assumed. We recorded a bargain purchase gain of approximately $1.9 million related to the acquisition in the nine months ended September 30, 2017. We believe that we were able to negotiate a bargain purchase price as a result of our operational presence in West Africa and the sellers liquidation. The purchase of the Vantage 260 and related two-year drilling contract allowed for the reactivation of the Sapphire Driller and further extended our operational presence in West Africa.