Siem Offshore has received notices of termination from Karmorneftegaz SARL for 2015 Kara Sea operations

Siem Offshore has received notices of termination from Karmorneftegaz SARL in respect of the seasonal work in Kara Sea for the year 2015 for the two AHTS vessels “Siem Topaz” and “Siem Amethyst” and for the PSV “Siem Pilot”, the company said in its press release.
 
According to the contract, an early termination fee is payable.
 
Karmorneftegaz SARL (Luxembourg) is the joint venture established between Rosneft (66.67%) and ExxonMobil (33.33%) for the project in the Kara Sea.