Aramco slashes rig day rates by 51%

Jun 03, 2015 12:00 AM

Saudi Aramco has reduced the amount it will pay Hercules Offshore for the use of its rigs, according to a Hercules company statement.

Aramco has advised Hercules Offshore that the day rates for the Hercules 261, 262 and 266 rigs will be reduced to $67,000 per day.The rate has been cut from $136,000 per day, a drop of 51%.

Aramco had threatened to cancel the remaining contracts for the rigs, but the new deal means that Hercules Offshore will continue to supply the rigs to Aramco until at least 31st December 2016.

The reduced rate will come into effect retroactively from the 1st January 2015, meaning that Hercules will need to make adjustments to its revenues for amounts earned under these contracts for Q1 2015.

Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.

Cover_242-width

The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


 

Upcoming Conferences
« June 2019 »
June
MoTuWeThFrSaSu
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Register to announce Your Event

View All Events