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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