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Exxon, Rosneft Scrap Arctic Deals as Russia Sanctions Bite

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Exxon Mobil Corp. and OAO Rosneft terminated contracts for five service vessels operated by Norway’s Siem Offshore Inc. and Rem Offshore ASA as sanctions upend plans to explore the Russian Arctic.

Siem received termination notices from an Exxon and Rosneft joint venture on contracts for work next year in the Kara Sea for two of its anchor-handling tug supply vessels and a platform supply ship, the Kristiansand, Norway-based company said in a statement today. Rem had contracts for two platform-supply vessels terminated, it said in a separate statement. Both companies will receive termination fees, they said.