Maersk Drilling says it has received a notice of early contract termination from its client for the ultra-deepwater semi-submersible Mærsk Deliverer.
The contract with Cabinda Gulf Oil Company Limited (CABGOC), Chevron Corporation’s affiliate in Angola, was due to end in December 2016.
Maersk Drilling says under the contract it is entitled to receive compensation for the remaining term, adding that the contract cancellation will be financially neutral.
“With regret we take note of the contract termination, and it is a reminder of the very challenging conditions in the offshore rig market with oil companies restraining activities and capital spending in response to the lower oil price environment,” says Head of Global Sales, Michael Reimer Mortensen. “We expect to base the rig in West Africa, and will continue to explore opportunities with our customers in primarily West and East Africa, which remain strategic markets for us.”
Mærsk Deliverer has been on contract with CABGOC since May 2012.
Mærsk Deliverer was built in 2009 and is designed for year-round operation in areas such as Brazil, the Gulf of Mexico, West and East Africa and Asia Pacific at water depths of up to 10,000 feet.