Reuters logo
BRIEF-Seadrill Partners: Tullow terminates rig contract
December 2, 2016 / 1:52 PM / a year ago

BRIEF-Seadrill Partners: Tullow terminates rig contract

Dec 2 (Reuters) - Seadrill Partners :

* Seadrill Partners has received a notice of termination from Tullow Ghana Limited for the West Leo drilling contract dated December 1, 2016

* “Tullow have purported to terminate the Contract by reason of the alleged Force Majeure claim declared in early October 2016, which we have disputed”

* “Further or alternatively, Tullow has alleged that the Contract has been discharged by frustration. We do not accept that the Contract can be terminated or discharged as alleged and our claim in the English High Court proceedings will be amended to reflect this”

* In the event of termination for convenience, Seadrill Partners is entitled to an early termination fee of 60 percent of the remaining contract backlog, subject to an upward or downward adjustment depending on the work secured for the West Leo over the remainder of the contract term, plus other direct costs incurred as a result of the early termination Source text for Eikon: Further company coverage: (Reporting By Oslo Newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below