Malaysia’s Petronas Carigali has terminated the drilling contract it had with the Russian Eurasia Drilling Company for the Saturn jack-up rig.
The driller on Monday said that it had received the letter of early termination of the contract effective October 8. The original contract was expiring on January 8, 2016.
“The early termination fee consists of 100% of contract rate for 30 days from effective date of early termination followed by 85% of contract rate for the remainder of the term (or 62 days),” Eurasia Drilling Company said in a statement.
Prior to the termination, Petronas Carigali used the rig for drilling operations mostly in the Caspian Sea, in Turkmenistan. Eurasia Drilling Company bought the rig from Transocean in 2011. The rig was built by Keppel in 2001.
Offshore Energy Today Staff