BP Terminates Seadrill Semisub Contract

UK-based offshore deepwater drilling company Seadrill Partners said that it has received early termination notice from BP for the semisubmersible West Capricorn about three months ahead of schedule.

According to Seadrill’s latest fleet status report, the West Capricorn rig has been under a contract in the Gulf of Mexico with BP since July 2017. The rig’s dayrate is $543,000.

It is now expected to conclude in late April 2019 after the current well is completed in the Gulf of Mexico and the unit is demobilized.

Seadrill Partners will receive early termination payments over the original contract term and backlog is expected to decrease by $18 million.

"We continue to actively market the rig for deepwater and mid-water opportunities," said a statement from the offshore drilling firm.