John Fredriksen dominated Seadrill has received a termination from Pemex rig West Pegasus, it is stated in a message.
The contract should have been effective from 16 August.
Seadrill contests basis for termination and considering its legal options.
during Q2 2015 signed Seadrill according to message a preliminary agreement for a two-year extension of the West Pegasus contract with Pemex .. As part of the expansion was agreed that the day rate for the remaining life of the contract was reduced. The contract extension was completed in Q1 2016.
As part of that agreement accepted Seadrill and Seamex, which is 50 percent Seadrill owned by the joint venture with FINTECH, a reduced daily rate of five jack-up rigs a period of 365 days. The agreement to reduce day rates in existing contracts was contingent on the final confirmation on the two-year extension of West Pegasus contract.
Upon termination believes Seadrill that they and Seamex entitled to dagraterabatten and demobilization fee for West Pegasus. In addition, Seadrill seek redress of certain costs in anticipation of enlargement.
Read the full release here.
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