Tullow cancels Maersk Venturer contract offshore Ghana

3/24/2020

COPENHAGEN – Maersk Drilling has been notified by Tullow Ghana of early termination of its contract for the Maersk Venturer deepwater drillship.

Since February 2018, Maersk Venturer has worked for Tullow offshore Ghana with an expected end of contract in February 2022. The rig is now expected to end the contract in June 2020. As a consequence of the termination, Maersk Drilling’s revenue contract backlog is reduced by $175 million covering the period from the end of the contract to February 2022.

Subject to commercial prospects, Maersk Drilling will take measures to reduce Maersk Venturer’s operating costs following the end of the contract. Maersk Drilling maintains its profitability guidance for 2020 of EBITDA before special items of $325-$375 million as announced on March 20th, 2020.

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