Paragon jackup contract cut short by ADNOC

Houston-based Paragon Offshore has been handed an early termination notice for jackup rig M1162, currently on charter to ADNOC’s National Drilling Company via Abu Dhabi Marine Operating Company.

According to Paragon’s fleet status report, the effective end date for the contract was late October 2016 with the termination given while the rig undergoes a scheduled maintenance.

Back in April, Paragon said the contract for the rig had been extended from January 2017 to January 2019 however discussion in regards to the exact terms were ongoing.

Paragon did not reveal what the terms of the cancellation were. The rig was on a day rate of $85,000.