Shell Exits Transocean's Polar Pioneer Contract

Transocean, one of the world's largest offshore drilling companies, said on Monday that Shell had opted to terminate its contract for the harsh environment semisubmersible Polar Pioneer before the expiration in July, 2017.

"Transocean will be compensated for the early termination through a lump-sum payment that includes adjustments for reduced operating costs and demobilization to Norway," Zug, Switzerland-based Transocean said in a statement.

Reporting by Joshua Franklin