Rig company Transocean said Monday its contract for the Polar Pioneer rig, deployed offshore Alaska, was canceled early by Royal Dutch Shell. The contract was set to expire in July. The rig company, which has headquarters in Switzerland, said it will be compensated for the early termination of the lease through an undisclosed lump sum. In its latest quarterly fleet status report, Transocean reported the Polar Pioneer rig had a day rate of $561,000 per day, about 10 percent less than the previous rate. The lump sum payment from Shell includes “adjustments for reduced operating costs and demobilization to Norway,” Transocean said. The cancellation for Transocean is the second so far in December. Norwegian energy […]