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Monday, October 23, 2017

Shell Terminates Polar Pioneer Contract

December 28, 2015

(U.S. Coast Guard photo courtesy of Air Station Port Angeles)

(U.S. Coast Guard photo courtesy of Air Station Port Angeles)

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.
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