ConocoPhillips, Marathon Oil cancel Maersk Valiant drillship contract

Houston independents ConocoPhillips Co. and Marathon Oil Corp. have reached an early termination agreement with Maersk Drilling AS for the Maersk Valiant drillship, effective mid-September.

Maersk Valiant has been on a joint contract with ConocoPhillips and Marathon Oil since June 2014, drilling late last year the first Solomon exploration well on Walker Ridge Block 225 in the Gulf of Mexico (OGJ Online, Dec. 3, 2015). The original contract was scheduled to end in September 2017.

“With the termination of Maersk Valiant, we are reminded of the extremely challenging conditions in the offshore oil and gas market,” said Michael Reimer Mortensen, Maersk Drilling head of global sales. “It is with regret that we will see a high-performing rig such as the Maersk Valiant without work, but we will continue to explore opportunities with our customers and seek ways to create innovative solutions to enable project viability,” he said.

Maersk Valiant was built in 2014 and is equipped with dual blowout preventers and an integrated managed pressure drilling system. The rig is designed for year-round operation in areas such as the Gulf of Mexico, West and East Africa, and Asia-Pacific in as much as 3,600 m of water.