Chevron terminates Transocean ultra-deepwater drillship contract

A Chevron subsidiary has issued an early termination notice to Transocean Ltd. for the ultra-deepwater drillship Discoverer Clear Leader.

Offshore staff

ZUG, Switzerland– A Chevron subsidiary has issued an early termination notice to Transocean Ltd. for the ultra-deepwater drillship Discoverer Clear Leader.

The drilling contract termination will be effective in November 2017. The original expiration was October 2018.

In accordance with the contract terms, Transocean will be compensated through a lump-sum payment of about $148 million in contract termination fees. The payment is expected to be received in 4Q 2017.

09/21/2017

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