Transocean Ltd. Receives Early Termination Notice on GSF Development Driller I
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced that the company has received a notice of early termination from Esso Exploration Angola (Block 15) Limited for the ultra-deepwater semisubmersible GSF Development Driller I.
The rig’s drilling contract is expected to end in May 2016 with the demobilization completed in June 2016. In accordance with the terms of this contract, the company will not receive a payment compensating it for the remaining contract term.
The company does not have other contracts in its backlog that permit uncompensated cancellation for convenience.
Source: Transocean Ltd
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