Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Shell terminates Transocean rig contract

Shell terminates Transocean rig contract
Transocean has been hit by a rig contract termination from oil company Shell.

The harsh environment semi-submersible rig Polar Pioneer was originally contracted to Shell until July 2017. However, the oil company has terminated the contract early as it has abandoned its Alaskan arctic oil exploration plans.

“Transocean will be compensated for the early termination through a lump-sum payment that includes adjustments for reduced operating costs and demobilization to Norway,” the company said.

The rig was the scene of protests in the Port of Seattle against Arctic drilling in earlier this year.

TAGS: Offshore Shell