Chevron terminates Transocean drillship contract

Chevron terminates Transocean drillship contract

Chevron has exercised its option to terminate Transocean’s drillship Discoverer Clear Leader effective November 2017.

The drillship was contracted until October 2018, and so according to the contract terms Transocean will be compensated around $148m due to the termination. The amount is the equivalent to the current operating dayrate less operating costs. Transocean says the payment is expected to be received before the end of the year.

The 2009-built vessel has been operating for Chevron on its current contract since November 2014 in the Gulf of Mexico at a dayrate of $575,000.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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