MAERSK DRILLING – CONTRACT TERMINATION FOR MAERSK REACHER ANS MAERSK DEVELOPER

Danish offshore rig contractor Maersk Drilling received notice of early termination for convenience of two drilling contracts:
• BG International Ltd., a subsidiary of Shell, has terminated the contract for the semi-submersible Mærsk Developer with immediate effect. The original end of contract was expected to be in August 2020. Maersk Developer is a Gusto MSC DSS-21 ultra-deepwater semi submersible built in 2009 by Keppel Offshore and Marine in Singapore.
• Aker BP has terminated the contract for the jack-up rig Maersk Reacher, which was hired for accommodation services on the Valhall field, with effect from end-April 2020. The original end of contract was expected to be in October 2020. Maersk Reacher is a 350 ft Gusto MSC CJ50 jackup built in 2009 by Keppel Offshore and Marine in Singapore
For both contracts, Maersk Drilling expects to receive compensation in the form of early termination fees. Accordingly, the financial impact of the contract terminations on profitability in 2020 is expected to be limited.
(Source: Maersk Drilling)