August 22, 2016 / 8:12 AM / 2 years ago

BRIEF-Seadrill says rig contract cancelled, reviews legal options

Aug 22 (Reuters) - Seadrill :

* Rig firm Seadrill receives notice of contract cancellation for the West Pegasus rig from Mexican oil firm Pemex on Aug. 16

* Seadrill has disputed grounds for termination and is reviewing its legal options

* Cancellation comes after Seadrill signed a contract extension for the rig in Q2 2015 and negotiated a year-long dayrate reduction as part of an agreement involved five rigs in Q1 2016. Seadrill says the day rate reduction was contingent upon final confirmation of the two-year extension of the West Pegasus by Pemex management

* Seadrill says is entitled to recover dayrate concessions as well as the demobilization for the West Pegasus and will seek reimbursement of certain costs incurred in anticipation of the extension Source text for Eikon: Further company coverage: (Reporting by Gwladys Fouche)

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