Anadarko Petroleum has decided to terminate its charter of the Dolphin Drilling drillship Belford Dolphin in September this year, with the unit currently working for the operator off east Africa’s Mozambique.
Dolphin Drilling is a subsidiary of Fred Olsen Energy, which said Dolphin had received a termination for convenience notice from Anadarko for the termination to be effective in early September 2015. The termination fee is approximately US $52 million.
The unit will undertake its 5-year class renewal survey in the second or third quarter of 2015, added Fred Olsen. The five-year CRS and upgrades is estimated will take approximately 100 days and cost $130 million.
Exxon Mobil Corp. and offshore Guyana partners continue their success with their 13th discovery on the Stabroek Block and fifth discovery in the Turbot area.
The rig count fell for the past four months and production growth in the Permian Basin and other key shale basins have slowed as oil prices fell and many independent shale companies cut spending.
The new policy focuses on incentivizing increased investment and production.