Deepwater Philippines drilling on hold

Offshore staff

BHP Billiton has issued a termination notice for Transocean’s Deepwater Expedition rig scheduled to begin drilling in SC 55 offshore Palawan, Philippines.

BHP plans to drill the well when an appropriate rig can be found.  Service Contract 55 is currently in Sub-Phase 4 which requires the drilling of the Cinco-1 deepwater well by Aug. 5, 2012.

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