Repsol E&P sent an early termination notice to Rowan Companies last week, ending its contract for the Rowan Renaissance drillship effective immediately.
“The company expects to continue to be paid by Repsol on a monthly basis through the original termination date of 22 April 2017, at a rate slightly below the current standby rate,” Rowan said. “The company plans to reduce manning and warm stack the drillship in the near term.”
Repsol was using the Rowan Renaissance in the Gulf of Mexico at a dayrate of US$630,000. According to Rowan’s latest fleet status report, the rig went on standby rate of 98% of the original rate in mid-March.
Image of the Rowan Renaissance, from Rowan.
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