BHP Billiton Issues Termination Notice for Transocean Rig

Otto Energy Ltd has received confirmation from farm-in partner, BHP Billiton, that it has issued a termination notice for Transocean's rig Deepwater Expedition (UDW drillship) due to the rig not passing key acceptance tests.

BHP Billiton has advised that it is progressing preparations to commence drilling the Cinco well and will provide an update on rig status when available.

Service Contract 55 is currently in Sub-Phase 4 which requires the drilling of the Cinco-1 deepwater well by August 5, 2012. Otto advises that at this point the date for commencement of drilling of the Cinco well is yet to be confirmed and will continue to update shareholders as information becomes available.


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John from Balmain. | Jan. 20, 2012
I think it is time Transocean got rid of their junk rigs. Rigs like the Seven Seas and the 534 should have had their bungs pulled long ago. They are just rotten old rust buckets. Maintaining the rig is important and in the last 20 years drilling companies have treated the maintenance people with utter contempt and disregarded looking for after the equipment. Without good maintenance the driller ends up with a pile of Pig Iron sitting there and the driller now being paid more than the maintenance people sits there twiddling his thumbs. The oil drillers need to get real and treat the maintenance people with respect and how they need to be treated. Bring our pay back into line with what the driller gets. End of story.

Ken | Jan. 18, 2012
Only will this kind of action make the drilling industry a safer place to work and also work with the oil companies to clean up the environment

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