$RIG Transocean (RIG -5.7%) sinks on news that Chevron (CVX) terminated its contract for an ultra-deepwater drillship, effective in November, prior to its expiration in October 2018.
The Discoverer Clear Leader drillship has been under contract since November 2014 at a $575K dayrate.
RIG says it will be compensated through a ~$148M lump-sum payment in contract termination fees.
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