Shell and Diamond Offshore have mutually agreed the release of the Ocean Valiant rig from its contract.

Diamonds most recent fleet status report, published in February, shows Ocean Valiant was supposed to be with Shell in the UK North Sea from November 2019 until March 2021.

A source said Shell had shelved plans to drill five wells and that the rig would be stacked later this month.

A spokesman for Shell confirmed Ocean Valiant would be released once it completes a well at the Gannet field.

But he said Ocean Valiants agreed scope would be transferred to Diamonds Ocean Endeavor rig, which is already contracted to Shell.

Energy Voice reported in October that Shell was using Ocean Endeavor for drilling work at its Fram gas field as part of a campaign expected to last up to 110 days.

Its understood the Ocean Valiant decision was operational and not linked to any spending reductions which may be triggered by the current crude price slump.

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Shell UK, Diamond Offshore agree release of rig - News for the Oil and Gas Sector - Energy Voice