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MisterEC

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Re: bigdog121 post# 1317

Monday, 05/23/2016 10:07:43 AM

Monday, May 23, 2016 10:07:43 AM

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Statoil cancels Seadrill rig contract
Buy it under a buck

Seadrill (NYSE:SDRL) -3.7% premarket on news that Statoil (NYSE:STO) cancelled its contract for SDRL's semi-submersible West Hercules because of the deferred start-up of a development off Norway.

The rig had been operating offshore Newfoundland in Canada for the past 18 months, and was to relocate to the Aasta Hansteen field in the Norwegian Sea, but STO is postponing the field start-up by a year until H2 2018.

The contract for West Hercules was originally due to expire on Jan. 31, 2017.

Just last week, Exxon Mobil terminated its contract for SDRL's West Capella drillship.

Now read Another termination for Seadrill and the semisubmersible West Hercules
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