Maersk Drilling has received a notification from Tullow Ghana Ltd. on March 24 of early termination for convenience of the drilling contract for the drillship Maersk Venturer.
Since February 2018, Maersk Venturer has worked for Tullow offshore Ghana with an expected end of contract in February 2022. The rig is now expected to end the contract in June 2020. As a consequence of the termination, Maersk Drilling’s revenue contract backlog is reduced by $175 million covering the period from the end of the contract to February 2022.
Subject to commercial prospects, Maersk Drilling will take measures to reduce Maersk Venturer’s operating costs following the end of the contract.
Maersk Drilling maintains the profitability guidance for 2020 of EBITDA before special items of $325-375 million as announced on March 20, 2020.
Drillers cut 62 oil rigs in the week to April 3, bringing down the total count to 562, Baker Hughes Co. said in its weekly report.
Production at the offshore Liza well is expected to reach some 120,000 barrels per day in its first phase.
Two extended-lateral Wolfcamp Shale producers completed by CrownQuest and a horizontal Frontier discovery in Wyoming’s Converse County top this week’s drilling activity highlights from around the world.