Cobalt International Energy (CIE) Announces Early Termination of its Rowan Reliance Drillship Contract
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Cobalt International Energy, Inc. Announces Agreement for the Early Termination of its Rowan Reliance Drillship Contract
September 15, 2016 5:15 PM EDTHOUSTON--(BUSINESS WIRE)-- Cobalt International Energy, Inc. (Cobalt) (NYSE: CIE) today announced that it has entered into an amendment to its drilling contract (Amendment) with Rowan (UK) Reliance Limited, an affiliate of Rowan Companies plc (Rowan), which provides for the early termination of Cobalts long term drilling contract for the Rowan Reliance drillship. The drilling contract was originally scheduled to terminate on February 1, 2018 and the Amendment provides for a contract termination date of March 31, 2017. Additionally, per the Amendment, Cobalt will save 45% of the contract value between the original termination date and the new termination date, or... More
