Rosneft cancels offshore support contracts in Kara Sea

Rosneft has canceled contracts with Siem Offshore for three offshore support vessels for work in the Kara Sea. Sanctions placed on Rosneft have forced its joint venture partner ExxonMobil to scale back their collaboration in the arctic Kara Sea.

Offshore staff

MOSCOWRosneft has canceled contracts with Siem Offshore for three offshore support vessels for work in the Kara Sea. Sanctions placed on Rosneft have forced its joint venture partner ExxonMobil to scale back their collaboration in the arctic Kara Sea.

Siem Offshore has received notices of termination fromKarmorneftegaz SARL in respect of the seasonal work in Kara Sea for the year 2015 for the two anchor handling tug supply vessels Siem Topaz and Siem Amethyst and for the platform supply vessel Siem Pilot.

According to the contract, an early termination fee is payable.

Karmorneftegaz SARL is the joint venture established between Rosneft (66.67%) and ExxonMobil (33.33%) for the project in the Kara Sea.

While ExxonMobil is scaling back collaboration in the arctic Kara Sea, Rosneft says it has remained determined to carry out exploration and production in this play with or without its joint venture partner.

12/02/2014

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