Chevron Cuts Short Transocean Drillship Contract

Offshore drilling contractor Transocean informed that a subsidiary of Chevron has exercised its contractual option to terminate the drilling contract for the ultra-deepwater drillship Discoverer Clear Leader.

The termination is effective in November 2017, prior to its expiration in October 2018, the company noted.

In accordance with the contract terms, Transocean should be compensated through a lumpsum payment of approximately $148 million in contract termination fees, which is the present value of the operating dayrate less the operating costs per day.

The payment is expected to be received in the fourth quarter of 2017.

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