Shell terminates Transocean rig contract



Transocean has been hit by a rig contract termination from oil company Shell.

The harsh environment semi-submersible rig Polar Pioneer was originally contracted to Shell until July 2017. However, the oil company has terminated the contract early as it has abandoned its Alaskan arctic oil exploration plans.

“Transocean will be compensated for the early termination through a lump-sum payment that includes adjustments for reduced operating costs and demobilization to Norway,” the company said.

The rig was the scene of protests in the Port of Seattle against Arctic drilling in earlier this year.

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