ExxonMobil terminates Seadrill’s drillship contract

ExxonMobil has terminated a drillship contract it had with Seadrill Partners, a subsidiary of the offshore driller Seadrill.
Seadrill Partners LLC (“the Company”) says it received a notice of termination from its current operator for the contract for the West Capella.
In accordance with the cancellation for convenience provisions in the West Capella contract, Seadrill Partners will receive a payment of approximately $125 million in two equal installments, the first in the second quarter of 2016 and the second in the first quarter of 2017, plus other direct costs incurred as a result of the early termination.
The West Capella is currently being marketed for new work and is expected to be in Tenerife during its idle period.
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