June 1 (Bloomberg) -- Transocean Ltd., the world’s largest offshore driller, said it terminated a $450,000-a-day rig contract with Melbourne-based Nexus Energy Ltd., the sixth cancellation in as many months.
The agreement for the Transocean Legend was canceled because of a “repudiatory breach of contract” by Nexus, Geneva-based Transocean said today in a public filing. Nexus, which plunged 82 percent in the past year, has been selling assets to raise funds for drilling projects.
Transocean said it will pursue “all appropriate remedies.” The 26-year-old vessel is next scheduled to work for Oilex Ltd. under a $495,000-a-day contract starting in September. The rig is equipped to drill 25,000 feet (7,620 meters) beneath the sea surface.
Leases for five other Transocean vessels have been terminated by the company or canceled by clients this year as cash available for drilling evaporated amid a recessions-driven collapse in crude prices.
The Nexus contract termination was announced after the close of U.S. stock markets. Transocean fell 62 cents to $82.82 after the end of regular trading on the New York Stock Exchange.
is this the "bigger boat to drill kt"?
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