Oil firm Talisman Sinopec in £290m deal with Transocean

Oil company Talisman Sinopec has agreed a £290m contract with drilling rig firm Transocean.

It will involve work on the £1.6bn MonArb Area Redevelopment (Mar) project, to prolong the life of several North Sea fields.

The three-year contract was announced in Aberdeen by Energy and Climate Change Secretary Ed Davey.

Mr Davey said tax breaks offered to the industry were now bearing fruit.

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