BRIEF-Cobalt reports agreement for the early termination of its Rowan Reliance drillship contract

Thu Sep 15, 2016 5:35pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Sept 15 (Reuters) - Cobalt International Energy Inc :

* Entered into an amendment to its drilling contract with Rowan Reliance Limited

* Commits to use Rowan as exclusive provider of drilling services for 5 years at market rates as determined by normal indices

* Amendment provides for a contract termination date of march 31, 2017

* To save 45 pct of contract value between original termination date and new termination date, or about $80 million

* Cobalt International Energy Inc says additionally, per amendment co will pay to rowan remainder of approximately $98 million Source text for Eikon: Further company coverage: