Transocean Nixes Burgundy Rig

摘要

Offshore driller Transocean has canceled a rig contract with Manila-based Burgundy Global Exploration after the Philippines firm failed to deposit cash in an escrow account.Burgundy agreed last month to lease Transocean's C Kirk Rhein J r. rig to drill in the Philippines. But Transocean said in its monthly status report this week that it has terminated the order and is pursuing "appropriate remedies." The news comes after Singapore rigbuilder Keppel Offshore and Marine said it had lost two newbuild orders because of the credit crunch (IOD Jan.13,p2).