MARINE 700 DEADLINE
|Thursday, July 15, 1999
Marine Drilling Company’s new-build semisubmersible, Marine 700, has been refused by Exxon Corp. Exxon stated that the rig was not ready to be put into service by today’s deadline. Marine Drilling maintains that the unit has undergone sufficient testing and inspection while it was being built and is ready for service. The rig was slated for work on the Diana project in the Gulf of Mexico. It was reported earlier that Exxon might cancel the contract if the rig was not delivered on time. The two companies are trying to reach an agreement on the matter. Marine Drilling claims the rig was delivered on time, so Exxon does not have the right to cancel the contract.