Offshore drillers are bracing for a wave of contract cancellations as energy companies try to cut their costs to cope with low oil prices. Big oil and gas companies lease drilling rigs and crews from oil-field-services companies, often for years at a time and at a cost of up to $400,000 a day. The industry has long considered these leases basically unbreakable. But now several drilling companies have reported that clients including BP PLC and some government-owned energy companies are trying to get out of leasing deals—and analysts say a flood may follow. “We expect additional contract cancellations,” said Angie Sedita, an analyst at the investment bank UBS. “Offshore rigs could be offered for free and most oil companies would […]