Atlantic Offshore Statoil cancelled a contract for a drillship with Seadrill, which it had intended to use for drilling operations in the Atlantic, near Newfoundland. The cancellation is the second drillship contract to be terminated for Seadrill, coming shortly after Exxon canceled a contract for its drillship, West Capella, that had been dispatched off the Nigerian coast. West Hercules, the Newfoundland drillship, was bringing in $445,000 per day for Seadrill, and it was supposed to continue to do so until January next year. Statoil, however, has decided to save some money and pay Seadrill some $61 million as compensation for canceling the contract. Revenues until January 2017 would have exceeded $90 million. Things are not looking good for offshore drillers at the moment, and Seadrill is not the only one that’s had contracts canceled. Drillers have accumulated huge piles of debt and have been left with few ways of […]