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Rosneft axes offshore support contracts in the Kara Sea

01st December 2014

Siem Offshore has had its contract with Rosneft for three of its offshore support vessels cancelled in the Kara Sea

Rosneft axes offshore support contracts in the Kara Sea
Sanctions placed on Rosneft have forced its joint-venture partner ExxonMobil to scale-back collaboration in the arctic Kara Sea

Siem Offshore has received notices of termination from Karmorneftegaz SARL in respect of the seasonal work in Kara Sea for the year 2015 for the two AHTS (anchor handling tug supply) vessels Siem Topaz and Siem Amethyst and for the PSV (platform supply vessel) Siem Pilot.

According to the contract, an early termination fee is payable.

Karmorneftegaz SARL is the joint venture established between Rosneft (66.67 per cent) and ExxonMobil (33.33 per cent) for the project in the Kara Sea.

Viking Supply Service has also had the contract for three of its AHTS vessels cancelled but has yet to name the client with which they were contracted.

Early termination was received for the Brage Viking, Magne Viking and Balder Viking, which applies for the 2015 drilling season, as well as remaining optional periods of the contract.

Sanctions placed on Rosneft have forced its joint-venture partner ExxonMobil to scale-back collaboration in the arctic Kara Sea, though Rosneft has remained determined to carry out exploration and production in this lucrative play with or without its partner.

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