The charter was due to begin this summer and last for five years as Rosneft and its partner in Russian Arctic exploration ventures, US supermajor ExxonMobil, were scheduled to embark on a massive exploration drilling campaign in the Kara Sea.
NADL said that the termination will cost the company an estimated $1 billion in contract backlog.
It has also acknowledged that it will be “very challenging to close” other transactions for the supply of semisubmersible drilling rigs for Rosneft’s Arctic programme which were agreed last year.
“There
