Cobalt and Rowan have agreed to a new termination date of 31 March 2017 for drillship Rowan Reliance. The contract was originally scheduled to end 1 February 2018.
As part of the agreement with Rowan, Cobalt will save 45% of the contract value between the original termination date and the new date, equivalent to about $80 million.
Rowan will receive about $96 million in cash payments, and the rig will remain at its current dayrate of around $582,000 until the contract ends.
If
