Maersk Drilling Loses Two Offshore Rig Deals

April 20, 2020

Image by Maersk Drilling
Image by Maersk Drilling

Danish offshore drilling company Maersk Drilling has said it has received early contract termination notices for two of its drilling rigs.

Maersk Drilling said Friday that Shell had the contract for the semi-submersible Mærsk Developer "with immediate effect." The original end of the contract for the Maersk Developer was expected to be in August 2020.

Further, Aker BP has terminated the contract for the jack-up rig Maersk Reacher. The jack-up rig was hired for accommodation services on the Valhall field, offshore Norway, with effect from end-April 2020. The original end of the contract was expected to be in October 2020.

"For both contracts, Maersk Drilling expects to receive compensation in the form of early termination fees. Accordingly, the financial impact of the contract terminations on profitability in 2020 is expected to be limited," Maersk Drilling said.

Worth reminding, oil company Tullow Oil in March sent an early termination notice to Maersk Drilling for the Maersk Venturer drillship in Ghana.

The Maersk Venturer drillship has worked for Tullow offshore Ghana since February 2018, with an expected end of the contract in February 2022.
The rig is now expected to end the contract in June 2020.



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