A pair of Houston-based companies, ConocoPhillips and Marathon Oil announced on Thursday that they have signed an early termination agreement on the lease of a deep-water drillship from Maersk Drilling.
The Maersk Valiant drillship was working in the Gulf of Mexico on a joint contract in which Conoco and Marathon shared its services.
Maersk will be compensated an unspecified amount for the termination of a deal that was supposed to run until September 2017.
Most recently the Maersk Valiant was employed on Conoco’s Melmar exploration well that failed to find productive amounts of hydrocarbons.
ConocoPhillips is the world’s largest independent E&P company.
In the past year Marathon Oil Corporation has sold almost all of its Gulf of Mexico offshore assets.