Contracts for the Ocean Alliance semisubmersible and the Ocean Clipper drilling rig will now be ended as of Oct. 30 in return for an additional 875 days of contract term on the semisubmersible Ocean Courage. The additional term will be at a rate of $380,000/d, representing revenue backlog of $333 million, and will extend the contract into mid-2020.
After export from Brazil, the Ocean Alliance will be cold-stacked and the Ocean Clipper will be retired and scrapped. The terminated portions of the contracts represent a loss to revenue backlog of approximately $91 million.
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