Shell Terminates Deal for Transocean Polar Pioneer Prior to Contract Expiry
Transocean Ltd. reported Monday that Royal Dutch Shell plc has elected to terminate the contract for the harsh environment Transocean Polar Pioneer (mid-water semisub) prior to its expiration in July 2017.
"Transocean will be compensated for the early termination through a lump-sum payment that includes adjustments for reduced operating costs and demobilization to Norway," the company said in a press release.
Shell awarded a three year contract for Transocean Polar Pioneer in October 2013 at a dayrate of $620,000, with the semisub commencing work for the European supermajor in August 2014.
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