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MisterEC

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Re: bigdog121 post# 1317

Monday, 05/23/2016 10:10:48 AM

Monday, May 23, 2016 10:10:48 AM

Post# of 2607
Another Termination For Seadrill And The Semisubmersible West Hercules In Canada
When the time is right, the smart money will be buying

Summary


•SDRL has received a notice of termination for convenience from the current operator related to the contract for the West Hercules. It was no surprise here.

•SDRL the Company will receive a lump sum payment of approximately $61 million, plus day rate and reimbursement of costs associated with demobilization of the rig.

•This new termination is another reminder that the offshore drilling industry is still struggling with a full bear cycle despite a recent increase in oil price.
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