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Oil & Gas

Diamond Moves Rig from Gulf of Mexico to Egypt

July 12, 2010
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The Associated Press reports Diamond Offshore Drilling Inc. said it will move its Ocean Endeavor rig from the Gulf of Mexico to work under a new contract in Egypt because of uncertainty about the drilling moratorium in the gulf. Diamond said the new contract with Burullus Gas Co. SAE would bring in as much as $100 million, including a $31 million early termination fee from the last operator of the rig. Diamond said the new contract runs through the end of June 2011.
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