Service & Supply | Oilfield Services | Midstream - Construction | Contract Awarded | Rig cancellation / Idle
Stone Energy Cancels GOM Drill Ship; Resumes Marcellus Production
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Stone and Ensco have agreed to terminate Stone's current contract with Ensco for total consideration of $20 million, approximately $5 million of which was a deposit previously provided to Ensco pursuant to the drilling services contract.
The ENSCO 8503 deep water rig contract was at a day rate of $341,000 and was scheduled to expire in August 2017.
Stone also entered into an interim gas gathering and processing agreement with Williams at the Mary field in Appalachia. The aggrement provides near-term relief for Stone by permitting Stone to resume production at the Mary field, thereby providing greater volume to Williams.
Volumes from the Mary field are now at approximately 45 MMcfe per day and are expected to climb to over 60 MMcfe per day in July and then over 100 MMcfe per day in August.
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