An early termination agreement for the deepwater unit Maersk Valiant has been signed by Maersk Drilling and ConocoPhillips and Marathon Oil with effect from mid-September 2016. Maersk Valiant has been on a joint contract with Marathon Oil Corporation and ConocoPhillips since June 2014. The original contract was scheduled to end September 2017. The compensation under the early termination agreement leaves Maersk Drilling financially neutral to the original contract.

“With the termination of Maersk Valiant, we are reminded of the extremely challenging conditions in the offshore oil and gas market. It is with regret that we will see a high performing rig such as the Maersk Valiant without work, but we will continue to explore opportunities with our customers and seek ways to create innovative solutions to enable project viability,” says Head of Global Sales, Michael Reimer Mortensen.

Maersk Valiant was built in 2014 and is equipped with dual BOPs as well as an integrated MPD system. The Rig is designed for year-round operation in areas such as the Gulf of Mexico, West and East Africa and Asia Pacific at water depths of up to 3,600 m (12,000 ft.).

About Maersk Drilling

Maersk Drilling’s modern fleet counts 23 drilling rigs including drillships, deepwater semi-submersibles and high-end jack-up rigs. Further, Maersk Drilling has one ultra harsh environment jack-up rig under construction. Maersk Drilling employs an international staff of 4,000 people and generated a profit (NOPAT) of USD 751m in 2015.