Petroleum Africa
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Wednesday, February 17, 2016
Ocean Rig reported that two of its drilling contracts have been terminated, one of those contracts canceled was for a job in Africa. Specifically, Total E&P Congo gave Ocean Rig notification that it was terminating its contract for use of the Ocean Rig Apollo drillship.
As per the contract Ocean Rig is entitled to a termination fee that varies from 50% to 95% of the operating daily rate that will be payable over the balance of the contract. The Ocean Rig Apollo will demobilize from the Republic of Congo in due course and is available for alternative employment. In connection with the termination of the drilling contract of the Ocean Rig Apollo, the company has notified the agent under the respective loan agreement and is currently in discussions with its lenders about the consequences of such termination.
The second terminated contract was for the Eirik Raude semisubmersible which was contracted out to Premier Oil for its drilling program in the Falkland Islands. Ocean Rig has accepted Premier Oil’s termination for convenience and is entitled to a termination fee of up to $62.9 million. The Eirik Raude will demobilize from the Falkland Islands in due course and is available for alternative employment.
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