Seadrill Ivory Coast Contract Terminated

Laxman Pai
Monday, August 5, 2019

Seadrill Partners, the deep-water drilling contractor for the petroleum industry, has received an early termination notice from an unnamed operator for the West Vencedor rig contract offshore Ivory Coast.

The contract was expected to start in 3Q 2019. In January, the rig received a six-well contract with three option wells.

The West Vencedor unit had recently completed its work in Myanmar and will now stay in Southeast Asia to be marketed for additional opportunities.

Seadrill Partners is expected to receive a lump sum early termination payment in Q3 2019 of approximately the amount of adjusted EBITDA that would have been earned under the firm term of the contract and backlog will decrease by $20 million.

West Vencedor is  purpose built semi-submersible self-erecting tender assisted drilling rig featuring 10k dual BOP, off-line pipe handling, stand building and designed to work on TLPs and SPARs in up to 6,500 ft of water with pre-laid mooring.

Categories: Offshore Energy Drilling Contract Rig

Related Stories

Shelf Drilling Secures $200M Contract Extensions with Chevron for Thailand Ops

Fugro Names Annabelle Vos Director for Middle East & India

Korea's Hanwha Raises Offer for Singapore's Dyna-Mac Takeover

MacArtney Asia Named Regional Reseller for Select Teledyne Products

Shelf Drilling Finalizes Baltic Rig Sale

Shelf Drilling to Consolidate Jack-Up Fleet and Resolve Funding Gaps via Triangular Merger

OPEC+ Has Oil Price and Demand Problems. It Should Solve Demand

DOF Subsea Grows Its APAC Backlog

The Mounting Offshore Oil & Gas Decommissioning Cost

A Hydrogen Balancing Act in Offshore Energy

Current News

Valeura Energy Consolidates Thai Oil and Gas Assets

TotalEnergies Inks 15-Year LNG Supply Deal with China’s Sinopec

Shelf Drilling Secures $200M Contract Extensions with Chevron for Thailand Ops

Floating Wind and the Taming of Subsea Spaghetti

Impending Shortage of Jackups within Ageing Asia Pacific Fleet

Equinor Tries Again for a Japan Offshore Wind Lease

Yinson Production Concludes Minority Stake Sale in FPSO Anna Nery

Sunda Energy Pushes Back Chuditch-2 Appraisal Well Drilling Date

CNOOC Starts Production at Another Oil Field in South China Sea

ABS Takes Charge of Digital Twin Project for Petrobras’ FPSOs

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com