As of April, Burullus Gas terminated a contract for Transocean’s Deepwater India rig, according to the company’s fleet status report.
Per the terminated contract, the Deepwater India rig was expected to work until August at a rate of $170,000 per day. Burullus sent a notice of early termination to Transocean in April for its drilling contract with the Discoverer India. As per the terms of the drilling contract, Burullus will now pay a termination fee associated with its early termination of the contract. However, the termination fee has not been publicized by the company.
It is worth mentioning that the deal was signed between the two companies in July 2019, and that the company began working in Egypt through Burullus Gas in September 2019.