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.
- Offshore Australia Project Marks Step-Change (Jan 16)
- Venezuela Will Remap its Caribbean Oil, Gas Prospects (Jan 09)
- Offshore Guyana Wildcat Spuds (Jan 07)
Company: Transocean Ltd. more info
- Transocean Lands $830MM Rig Contract with Chevron (Dec 28)
- Transocean Acquires Ocean Rig (Dec 05)
- Offshore Brazil Contract Extension Goes to Transocean (Sep 28)