Danish offshore drilling contractor Maersk Drilling has acquired notices of early termination for comfort of two drilling rig contracts.

The first one was from Shell, terminating the contract for the semi-submersible Maersk Developer with quick impact.

The authentic finish of contract was anticipated to be in August 2020.

The second one was from Aker BP, terminating the contract for the jack-up rig Maersk Reacher, which was employed for lodging providers on the Valhall subject, with impact from end-April 2020.

The authentic finish of contract was anticipated to be in October 2020.

The low oil worth and the coronavirus pandemic have ravaged international vitality markets over the past two months and Maersk Drilling will not be the one driller to undergo the results of present market scenario.

As reported earlier at present, one other offshore driller has additionally not too long ago acquired an early contract termination for a drillship in Egypt whereas an offshore lodging rig specialist’s contract within the UK has been delayed by a 12 months.

Borr Drilling has additionally seen a few of its drilling contracts terminated and Noble Corporation has seen its contracts shortened, rigs stacked and placed on standby, and day charges slashed.

Energy intelligence agency Rystad Energy has not too long ago estimated that drillers will see as much as 10% of their contract volumes cancelled in 2020 and 2021, representing a mixed lack of income of about $three billion.

The publish Shell and Aker BP cancel Maersk Drilling’s rig contracts appeared first on Offshore Energy.

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