Petrobras Terminates Sedco 710 Contract

Drilling contractor Transocean has reached an agreement with oil company Petrobras to terminate the contract for its Sedco 710 rig.

Transocean did not disclose reasons that led to the termination, but only said it was in discussions with the Brazil’s state-run company regarding the remaining contract backlog on the rig.

The Sedco 700 is a semi-submersible drilling rig capable of operating in water depths up to 4,500 feet. It was working for Petrobras in Brazil since December 2008. The rig will now be stacked, concluded Transocean in its fleet status report issued yesterday.

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Offshore Energy Today Staff, September 19, 2013; Image: beaconmag