Transocean’s Semi-sub gets Early Termination from ExxonMobil
Offshore drilling contractor Transocean has received a notice of early termination for one of its semi-submersible drilling rigs from ExxonMobil.
The contract for Transocean’s ultra-deepwater drilling rig, GSF Development Driller I, was cancelled by ExxonMobil’s subsidiary in Angola, Esso Exploration Angola (Block 15).
GSF Development Driller I was built by Singapore’s Jurong Shipyard in 2005.
The rig’s drilling contract is expected to end in May 2016 with the demobilization completed in June 2016. The rig was operating for ExxonMobil under a dayrate of $367,000.
In accordance with the terms of this contract, Transocean says it 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, the offshore driller stated.
Earlier in February, Transocean lost another rig contract as Murphy Oil Corporation terminated the one it had for the 2001-built ultra-deepwater drillship Discoverer Deep Seas.
In addition, back in December 2015, Transocean received a termination notice for its drillship Discoverer Americas from Statoil, and another one from Shell for the Polar Pioneer semi-submersible.
