Marathon Seeks to Terminate Noble Jim Day Contract
Marathon Oil Company is seeking to terminate its four-year contract for Noble Drilling's ultra-deepwater semi-submersible Noble Jim Day.
Marathon stated it would not accept the rig by Dec. 31, 2010. According to RigLogix, the drilling contract contains a termination right in the event the rig is not ready to commence operations by this date.
Noble said believes the rig is ready to commence operations and should have been accepted by Marathon. Noble reported that an independent third-party has affirmed the rig's readiness. The company also confirmed that the unit's subsea system, including the blowout preventer, has received its certificate of compliance.
The contract represented approximately $752 million in contract backlog to Noble.
According to RigLogix, the rig is scheduled to begin its contract with Marathon on Jan. 4 at a day rate of around $510,000. The rig is currently on location at Grand Isle 87 in the U.S. Gulf of Mexico.
Operates 4 Offshore Rigs
- Harvey's Wake Tempers Bullish Outlook for US Oil Output Growth (Sep 01)
- RoyalGate to Drill New Well in Equatorial Guinea's Block Z (Sep 25)
- ShaMaran Subsidiary to Contest TAQA Default Notice (Sep 21)
Company: Noble Corporation more info
Manages 28 Offshore Rigs
- Sembcorp Marine Delivers World's Largest Jackup Noble Lloyd Noble (Jul 18)
- Oil Industry Maintains Country Club Culture During Downturn (May 23)
- Freeport to Pay Noble $540 Million to Not Use 2 Oil Rigs (May 10)