Petroleum Africa
Find us on: 
Tuesday, September 20, 2016
Cobalt International Energy entered into an amendment to its drilling contract with Rowan (UK) Reliance, and affiliate of Rowan Companies. The amendment provides for the early termination of Cobalt’s long term drilling contract for the Rowan Reliance drillship.
The drilling contract was originally scheduled to terminate on February 1, 2018 and the amendment provides for a contract termination date of March 31, 2017. Additionally, per the amendment, Cobalt will save 45% of the contract value between the original termination date and the new termination date, or approximately $80 million, and will pay to Rowan the remainder of approximately $98 million.
Cobalt also commits to use Rowan as its exclusive provider of drilling services for five years at market rates as determined by normal indices.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
