Angola: Cabgoc terminates rig contract

Issue 322 - 29 Apr 2016 | 1 minute read
Chevron affiliate Cabinda Gulf Oil Company Limited (Cabgoc) has given Maersk Drilling a notice of early contract termination for the ultra-deepwater semi-submersible Maersk Deliverer. The contract was due to end in December 2016, and Maersk Drilling is entitled to receive compensation for the remaining part of the contract. “It is a reminder of the very challenging conditions in the offshore rig market with oil companies restraining activities and capital spending in response to the lower oil price environment.

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