Esso Exploration Rejects Marine Drilling Rig

Tuesday, August 17, 1999
Marine Drilling Cos. Inc. announced it tendered its Marine 700 semi-submersible drilling rig to Esso Exploration Inc. for acceptance under their five-year contract, but Esso rejected it in the belief the unit was not ready. Marine Drilling and Esso, a unit of Exxon Corp., are currently holding discussions in an attempt to resolve issues associated with these recent developments. Marine Drilling believed it would meet its July 15 contract deadline. In a letter to Marine Drilling in June, however, Esso declared it would exercise its right to terminate the contract "if Marine 700 does not meet quality or schedule requirements." Marine 700 has been under construction at the Ham Marine shipyard in Pascagoula, Miss. It was scheduled to work for Esso in the western Gulf of Mexico under a five-year contract at a daily rental rate of $165,410, plus adjustments.
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