- Seadrill (SDRL, SDLP) says BP has terminated a contract for its West Sirius semi-submersible drilling rig, resulting in a $160M decrease to its backlog, while extending a deal with another rig.
- SDRL says the termination will take effect by May, following the rig completing the current well and demobilization; it is now operating in the U.S. Gulf of Mexico.
- Prior to the cancellation notice, the dayrate and term for the West Sirius and West Capricorn contracts were swapped; the West Sirius dayrate was cut by $40K/day and the term decreased by two years to expire in July 2017, while the dayrate for the West Capricorn was raised by $40K/day and the term extended by two years to expire in July 2019.