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szaba_the_hut

14,139 Posts.

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11/09/16

22:44

Post #: 19083423
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Originally posted by Davy Boy ↑

You may have hit the problem with PE on the head. Perhaps COP's deal with WPL included them taking on the Athena contract? Gets it off COP's books and relieves them from paying for a rig doing nothing? Perhaps this is what COP have withheld in their paper work?
I posted some figures around this very issue a while ago but it seems I was being kind, its much more than I thought. If COP have to pay this rig out then their deal with WPL will be worth less than it has cost them so far, so it makes sense for them to include the rig in the contract, they may not be able to remove it from COP BV without having to pay compensation to Ocean Rig.
It all ties in pretty neatly with CNE stopping drilling. If they discovered that COP had done a side deal with WPL to take over the Athena at a rate they think could be negotiated cheaper if the Athena was out of contract, it would make sense not to hand them operator ship by declaring the field commercial because then the JV would be stuck with what ever WPL as operator decided. Food for thought. DB

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WPL have a pretty big drilling and exploration plan for 2017. Could WPL redeploy Athena to AGC Profond Block or Myanmar etc?

FAR Price at posting: 6.7¢ Sentiment: None Disclosure: Not Held
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