Premier, Noble terminate Ocean Rig contract on 'operational issues'

2/12/2016

LONDON -- Premier Oil and Noble Energy have terminated their contract for one of Ocean Rig’s semisubmersibles.

In June 2014, the companies entered into a contract with Ocean Rig for the provision of the Eirik Raude for an exploration drilling campaign in the Falkland Islands.

However, following a number of material "operational issues" with the rig, Premier and Noble Energy issued a termination notice to Ocean Rig on Thursday, terminating the contract with immediate effect.

As a result, Premier will no longer be drilling the Chatham exploration well during its current campaign. However, the company is in discussions with the Falkland Islands government regarding the possibility of drilling this prospect in the future.

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