Transocean Gets Early Termination Notice for GSF Development Driller I
Transocean Ltd. announced Tuesday that the company has received a notice of early termination from Esso Exploration Angola (Block 15) Limited for the GSF Development Driller I (UDW semisub).
The rig's drilling contract is expected to end in May 2016 with the demobilization completed in June 2016. In accordance with the terms of this contract, the company will not receive a payment compensating it for the remaining contract term.
The company does not have other contracts in its backlog that permit uncompensated cancellation for convenience.
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.
Operates 16 Offshore Rigs
- Exxon, Petrobras Form Alliance To Develop Oil, Gas Projects (Dec 14)
- ExxonMobil to Lead Construction, Ops of Mozambique LNG Facilities (Dec 13)
- ExxonMobil Jumping in to Mexico Fuel Market With First US Cargo (Dec 06)
Company: Transocean Ltd. more info
Manages 46 Offshore Rigs
- Oil's Biggest Rigs Headed to Junkyard as Daily Losses Mount (Oct 18)
- Transocean To Buy Norwegian Rig Firm Songa Offshore For $1.1B (Aug 15)
- Borr Drilling Signs Deal With Transocean to Buy 15 Rigs (Mar 20)