Matt Fox, who heads the US independent’s exploration and production business, called the move a “strategic decision” to free up money that could be put to work in ConocoPhillips strong US onshore portfolio or cover payments to shareholders.
The statement was not entirely unexpected.
Earlier this year, ConocoPhillips cancelled its long-term contract for the Ensco DS-9 drillship even though it would have to continue to pay the rig’s dayrate of more than $500,000 per day if the unit did not find new work.
At
