Yesterday, Seadrill Partners (NYSE:SDLP) announced that it has entered into a settlement agreement due to downtime that the West Aquarius semisubmersible incurred during the mobilization process to Canada for its most recent assignment. Here is what happened to require the need for this settlement and what it means for investors in the company.
The West Aquarius is a 2009-built ultra-deepwater semisubmersible offshore drilling rig that was primarily operating in Southeast Asia following its initial departure from the shipyard. The rig's work in Southeast Asia was performed for ExxonMobil (NYSE:XOM) under a worldwide long-term contract. In May 2012, Norwegian oil and gas giant Statoil (NYSE:STO) entered into an agreement to utilize the rig for operations...
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