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.

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