Service & Supply | Oilfield Services | Offshore | Contract Awarded | Rig cancellation / Idle
Saudia Aramco Cancels Hercules Drillship Contract
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Hercules Offshore, Inc. has announced that it has received a notice from Saudi Aramco terminating its drilling contract for the Hercules 261, effective March 27, 2015.
The Company is in the process of seeking a basis for continuing the Hercules 261 contract. As previously disclosed, the Company has been in discussions with Saudi Aramco about a possible rate reduction on the Hercules 262 and Hercules 266. The Company has not received a notice of termination from Saudi Aramco with respect to these rigs.
Hercules 261 was recently given a five year extension to March of 2019 - this shuts in the rig four years ahead of schedule.
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