Rig operators future at risk as Africa contract cancellations begin

摘要

Operators have already started to cancel rig contracts in Africa with others expected to follow and the continent seen as most at risk over options that are due to be exercised this year. Tullow was first off the mark when it notified Maersk Drilling of the early termination for convenience of the contract for the Maersk Venturer. The drillship has worked for Tullow offshore Ghana since February 2018 and was contracted through to February 2022. The rig is now expected to end the contract in June 2020, reducing Maersk Drilling's revenues by US $175m.