September 15, 2016 / 9:38 PM / in a year

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

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:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below