Marathon Oil (MRO) Extends Contract for Noble's Deepwater Drilling Rig
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Marathon Oil Corporation (NYSE: MRO) today announced that it 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.
Marathon currently has two rigs under contract in the Gulf, with plans to drill about three significant exploration wells a year through 2010, along with a number of development wells associated with the Droshky discovery which is expected to be sanctioned later this year.
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.
Marathon Oil Corporation, through its subsidiaries, engages in the exploration, refining, marketing, and transportation of liquid hydrocarbons, natural gas, and other petroleum products worldwide.
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