Maersk Drilling has received a notice of early contract termination from Cabinda Gulf Oil Company Limited (CABGOC), Chevron Corporation’s affiliate in Angola, for the ultra-deepwater semi-submersible Mærsk Deliverer. The contract was due to end in December 2016, and as per the contract, Maersk Drilling is entitled to receive compensation for the remaining part of the contract. The contract cancellation will be financially neutral to Maersk Drilling.

With regret we take note of the contract termination, and it is a reminder of the very challenging conditions in the offshore rig market with oil companies restraining activities and capital spending in response to the lower oil price environment. We expect to base the rig in West Africa, and will continue to explore opportunities with our customers in primarily West and East Africa, which remain strategic markets for us,” says Head of Global Sales, Michael Reimer Mortensen.

Mærsk Deliverer has been on contract with CABGOC since May 2012.

Mærsk Deliverer was built in 2009 and is designed for year-round operation in areas such as Brazil, the Gulf of Mexico, West and East Africa and Asia Pacific at water depths of up to 3,000 m (10,000 ft.).

About Maersk Drilling

Maersk Drilling’s modern fleet counts 22 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.