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.
WHAT DO YOU THINK?
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.
- Offshore Brazil Contract Extension Goes to Transocean (Sep 28)
- Transocean Wins Multi-well NCS Contract for New Semisub (Sep 21)
- Driller Transocean Eyes Improved Lease Rates, Activity In 2019 (Sep 05)
Company: Royal Dutch Shell plc more info
- Oil Majors Offload Gulf of Mexico Fields to Hunt Bigger Finds (Oct 12)
- Shell Hits Milestone at Pennsylvania Site (Oct 10)
- Shell Said to Drop Plan to Buy Stake in Kazakh State Oil Company (Oct 09)