Offshore exploration gear carrier Transocean has actually introduced that Chevron has actually notified that it will certainly end the agreement for the ultra-deepwater drillship Discoverer Clear Leader almost a year in advance of timetable.

Transocean stated Thursday that Chevron chosen to exercise its legal choice to end the exploration agreement early. The agreement will certainly be ended since November 2017, eleven months before its expiry in October 2018.

Tranocean stated that in according with the agreement terms, the firm will certainly be made up with a round figure settlement of roughly $148 million in very early discontinuation costs. The amount stands for today worth off the operating day price much less the operating expense daily. The firm stated it anticipates to get the settlement no behind the 4th quarter of 2017.

The Discoverer Clear Leader participated in solution in 2009 and also beginning benefiting Chevron in the UNITED STATE Gulf of Mexico start in November 2014, right as the cost of petroleum started collapsing.

According to Tranocean’s newest Fleet Status Report, Discoverer Clear Leader was acquired to Chevron at a dayrate of $575,000.