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.

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