Offshore drilling firm Paragon Offshore has picked up two contract extensions, having reduced day rates.
In the Middle East, a contract with ADMA OPCO for the M1162 jackup has been extended from mid-January 2017 to late January 2019 and discussions are underway over the terms for the extension period. The day rate was US$135,000 under the original contract and now stands at $85,000.
Meanwhile, ZADCO has issued an early termination for the L784, with 180 days notice plus 30 days standby. The effective end date for the contract is expected to be early November 2016.
In the North Sea, the B391 jackup contract with Centrica has been extended from late-March 2016 to late-May 2016, with the day-rate dropping from $154,000 to $85,000.
In other updates, the MSS2 semisubmersible, working for Petrobras offshore Brazil, is expected to be demobilized for stacking at the end of its contract, due early this month. The M842 jackup is cold stacked in the US Gulf of Mexico.