Saudi Aramco calls off contract termination for Hercules 261 jack-up

Saudi Aramco calls off contract termination for Hercules 261 jack-upHercules Offshore, Inc., a U.S.-based offshore drilling contractor, has received a notice from Saudi Aramco withdrawing the previously issued notice of contract termination for the Hercules 261 jack-up rig. 

To remind, Hercules Offshore first received the notice of termination from Saudi Aramco in February 2015 and the termination was supposed to take place in March. Saudi Aramco later extended the termination date to May 31, 2015.

According to Hercules, Saudi Aramco declared that all terms and conditions of the contract now remain in full force and effect for the remainder of the five-year term of the contract.

However, Hercules Offshore also said that the dayrates on this rig, the Hercules 262 and the Hercules 266, which are also under contract with Saudi Aramco, are expected to be significantly reduced to bring such dayrates in line with current market rates for similarly-classed rigs in the region.

 

Share this article

Follow Offshore Energy Today

Events>

<< Jul 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 31 1 2 3 4

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

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