Maersk Drilling has revealed that it has received notice of early termination of two drilling contracts, one with a Shell subsidiary and another with Aker BP.
Shell’s subsidiary BG International Ltd has terminated the contract for the semi-submersible Maersk Developer with immediate effect, according to Maersk Drilling, which revealed that the original end of the contract was expected to be in August.
Aker BP terminated the contract for the jack-up rig Maersk Reacher, Maersk Drilling highlighted. This rig was hired for accommodation services on the Valhall field, with effect from end-April, and the original end of contract was expected to be in October, according to Maersk Drilling.
Maersk Drilling said it expects to receive compensation in the form of early termination fees for both contracts.
“Accordingly, the financial impact of the contract terminations on profitability in 2020 is expected to be limited,” Maersk Drilling said in a company statement posted on its website.
The Maersk Developer is a DSS-21, column-stabilized, dynamically positioned, semi-submersible drilling rig, able to operate in water depths up to 10,000 feet, according to Maersk Drilling’s website. The Maersk Reacher is a 350-foot, Gusto-engineered MSC CJ50 rig in Nordsok compliance with design optimization inputs from Maersk Drilling, Maersk Drilling’s website shows.
Last month, Maersk Drilling announced that it had received a notification from Tullow Ghana Ltd of early termination of the drilling contract for the drillship Maersk Venturer. The rig’s contract, which previously had an expected end date of February 2022, is now expected to end in June.
Maersk Drilling describes itself as a global leader in harsh environment and deepwater drilling. The business traces its origins back to the Danish Underground Consortium, which was established in 1962. In February 2019, A.P. Moller-Maersk initiated a demerger and separate listing of Maersk Drilling.
To contact the author, email andreas.exarheas@rigzone.com
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