Marathon (MRO) Exercises Contract Extension for Noble's Deepwater Drilling Rig in the Gulf of Mexico
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Marathon Oil Corporation (NYSE: MRO) has exercised a two-year option extension on its contract for the Noble Jim Day drilling rig, expected to commence drilling operations in the deepwater Gulf of Mexico in the first quarter of 2010.
The original commitment was announced in March 2007 and the contract was signed in August 2007 with an initial two-year term. The option will extend the contract to 2014.
The Noble Jim Day will be a dynamically positioned semi-submersible rig capable of working in water depths up to 12,000 feet. The estimated contract commitment amounts to approximately $750 million over the full four-year period.[SM]
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