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Maersk Drilling chops 122 workers after drillship termination
Maersk Drilling is laying off 122 workers who were aboard the drillship Maersk Valiant according to a notice the company sent to the Texas Workforce Commission. The layoffs come after ConocoPhillips and Marathon Oil signed an early termination agreement with Maersk Drilling last week. The drillship was working in the Gulf of Mexico on a joint contract in which Conoco and Marathon shared its services. The employees were notified of the layoffs, which are expected to be permanent, on July 28 and will remain employed for a further 60 days. http://splash247.com/maersk-drilling-chops-122-workers-after-drillship-termination/
Contract for drilling rig cancelled due to hallenging conditions in offshore oil and gas market
ConocoPhillips and Marathon Oil have canceled the contract for the "Maersk Valiant" with effect from mid-September 2016. The "Maersk Valiant" has been on a joint contract with Marathon Oil Corporation and ConocoPhillips, since June 2014. The original contract was scheduled to expirate in late September 2017. The compensation related to the early termination termination of the contract is leaving Maersk Drilling financially neutral in relation to the original contract.
Maersk Drilling names two ultra deepwater drillships
Maersk Drilling’s second and third ultra deepwater drillships were named Thursday morning (Jan 23) in a ceremony held at the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South Korea. Lisa Lance, wife of Ryan M. Lance, chairman and chief executive officer, ConocoPhillips (NYSE: COP), had the honour of naming Maersk Valiant, and Annell R. Bay, Vice President Global Exploration, Marathon Oil Corporation (NYSE: MRO), had the honour of naming Maersk Venturer, the company said in its press release. Maersk Valiant and Maersk Venturer are the second and third in a series of four ultra deepwater drillships to enter Maersk Drilling’s rig fleet. The four drillships represent a total investment of USD 2.6 billion and will be delivered from the SHI shipyard in 2014. After delivery from the yard, Maersk Valiant will commence a three year firm contract with ConocoPhillips and Marathon Oil for their respective drilling programmes in the U.S. Gulf of Mexico. The contract includes options for up to an additional two years. The estimated contract value for the firm contract is USD 694 million including mobilisation, but excluding cost escalation. A contract for Maersk Venturer is yet not signed.
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