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Chevron terminates Transocean drillship contract

Chevron terminates Transocean drillship contract
Chevron has exercised its option to terminate Transocean's drillship Discoverer Clear Leader effective November 2017.

The drillship was contracted until October 2018, and so according to thee contract terms Transocean will be compensated around $148m due to the termination. The amount is the equivalent to the current operating dayrate less operating costs. Transocean says the payment is expected to be received before the end of the year.

The 2009 built vessel has been operating for Chevron on its current contract since November 2014 in the Gulf of Mexico at a of $575,000.

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