Shell Terminates Polar Pioneer Contract
Royal Dutch Shell has elected to terminate the contract for harsh environment semisubmersible rig Polar Pioneer prior to its expiration in July 2017, the rig's owner Transocean Ltd. announced.
Transocean said it will be compensated for the early termination through a lump-sum payment that includes adjustments for reduced operating costs and demobilization to Norway.
Shell initially intended to use the rig for its Arctic operations in the Chukchi Sea, but called off the campaign in September.