Saudi Aramco has terminated a drilling contract with Hercules Offshore.
The company made the move in a bid to save costs following the oil price decline.
Hercules said it is negotiating to continue the Hercules 261 contract, in addition to its discussions with the oil company about reducing rates for its Hercules 262 and Hercules 266 rigs.
The termination of the contract is effective from March 27.
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