EuropeOffshore

Esso terminates Transocean semisubmersible contract

Photo of Grant Rowles Grant RowlesFebruary 24, 2016
3 Less than a minute

Transocean has received an early termination notice from Esso in Angola for ultra-deepwater semisubmersible GSF Development Driller I.

The rig was contracted to Esso until June 2017 on a day rate of $370,000, however work for the rig will now end in May this year.

Transocean said that due to the contract terms it would not receive any compensation from Esso, and reassured investors by stating that it does not have any other contracts that permit uncompensated cancellations.

Photo of Grant Rowles Grant RowlesFebruary 24, 2016
3 Less than a minute
Photo of Grant Rowles

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.
Back to top button