Transocean Cancels Rig Contract With Nexus Energy

1 June 2009 (Last Updated June 1st, 2009 18:30)

Transocean, a provider of offshore contract drilling services for oil and gas wells, has cancelled a $0.45m-a-day rig contract with Nexus Energy. The agreement for the Transocean Legend was terminated due to a repudiatory breach of contract by Nexus Energy. The vessel was to wor

Transocean, a provider of offshore contract drilling services for oil and gas wells, has cancelled a $0.45m-a-day rig contract with Nexus Energy.

The agreement for the Transocean Legend was terminated due to a repudiatory breach of contract by Nexus Energy.

The vessel was to work for Oilex under a $0.49m-a-day contract in September 2009. The rig is equipped to drill 25,000ft (7,620m) below the sea surface.

Leases for five other Transocean vessels have been cancelled by Transocean or terminated by clients in 2009 due to a shortage of cash available for drilling.