Petrobel, an Egyptian oil company jointly owned by the Egyptian General Petroleum Corp. and Eni, has terminated its contract for Transocean jackup GSF Key Singapore. Transocean is challenging the validity of this termination.
Transocean spokesperson Guy Cantwell told EnergyCurrent that the company was leaving all its options open and would take whatever steps necessary to resolve the issue.
While Transocean is disputing the termination, the rig has completed its stay in shipyard and is in transit to a location off the coast of Alexandria, Egypt, there it will be cold stacked for an undetermined period of time.
Transocean has also cold stacked jackups Transocean Nordic and GSF Key Gibraltar in Malaysia. Transocean jackup Trident VIII has been warm stacked offshore Gabon.