Chevron's Affiliate CABGOC Terminates Maersk Deliverer Contract

Maersk Drilling reported Tuesday that it has received a notice of early contract termination from Cabinda Gulf Oil Company Limited (CABGOC), Chevron Corporation’s affiliate in Angola, for the Maersk Deliverer (UDW semisub). The contract was due to end in December 2016, and as per the contract, Maersk Drilling is entitled to receive compensation for the remaining part of the contract. The contract cancellation will be financially neutral to Maersk Drilling.

With regret we take note of the contract termination, and it is a reminder of the very challenging conditions in the offshore rig market with oil companies restraining activities and capital spending in response to the lower oil price environment. We expect to base the rig in West Africa, and will continue to explore opportunities with our customers in primarily West and East Africa, which remain strategic markets for us,” says Head of Global Sales, Michael Reimer Mortensen.

Maersk Deliverer has been on contract with CABGOC since May 2012.

Maersk Deliverer was built in 2009 and is designed for year-round operation in areas such as Brazil, the Gulf of Mexico, West and East Africa and Asia Pacific at water depths of up to 10,000 feet (3,000 meters).