Petrobras to get out of contracts for two Paragon rigs?

Paragon Offshore, an offshore drilling contractor, said Monday in its latest fleet status report that Brazilian oil giant Petrobras is looking to break off contracts for two Paragon’s drillships. 

According to Paragon, Petrobras said it might contest approximately 380 days of the drilling contract backlog for the drillship Paragon DPDS3. The offshore drilled said it is now discussing the matter with Petrobras.

The drillship Paragon DPDS3 started its contract with Petrobras in December 2013 and according to Paragon’s fleet status report the estimated contract end is scheduled for late August 2017. The drillship is operating under a dayrate of $347,000.

Furthermore, Petrobras has indicated that it will release Paragon’s other drillship Paragon DPDS2 in late September 2015 even though the drillship’s previously agreed contract end date is set for March 2017.

“We continue to discuss the matter with Petrobras,” Paragon Offshore emphasized.

The drillship is operating under a dayrate of $300,000.

Accommodation mode

In addition, Paragon said that one of its jack-up rigs, the C462 is in accommodation mode from early September 2015 to late October 2015.

Offshore Energy Today Staff

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