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.
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you