UK-based oilfield services company Archer has received a 30-day notice of early termination of its modular drilling rig contract for the Archer Emerald from Talisman Sinopec Energy UK.
The effective date of termination is expected as the 29 of January 2015. The original two-year contract was valued at approximately US$96 million and was scheduled to start during Q1 2016. The early termination fee due to Archer under the contract will range between $34 million and $43 million.
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