Chevron ends Transocean rig contract early

Discoverer Clear Leader, prepares for drilling operations for the Deepwater Horizon oil response in the Gulf of Mexico, July 9, 2010. (Image by U.S. Coast Guard)

U.S. oil major Chevron has decided to terminate a contract with Transocean for the Discoverer Clear Leader drillship.

According to the drilling contractor, the California-based oil company has exercise its contractual option to terminate the drilling contract effective November 2017, prior to its expiration in October 2018.

In accordance with the contract terms, Transocean will be compensated through a lumpsum payment of approximately $148 million in contract termination fees, which is the present value of the operating dayrate less the operating costs per day.

The payment is expected to be received in the fourth quarter of 2017, Transocean said.

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GeoConvention 2019

GeoConvention offers some of the best local and international insights to efficient energy exploration…

read more >

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Erbil International Oil & Gas Exhibition 2019

The event will be held at the Erbil International Fair Ground which is one of the largest energy related events in Iraq…

read more >

THE 24 th IRAN INTERNATIONAL OIL , GAS , REFINING & PETROCHEMICAL EXHIBITION

The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply