Chevron terminates Pride Venezuela rig contract

Chevron and Pride International have mutually agreed to terminate the remainder of the contractor for Pride's semisubmersible drilling rig Pride Venezuela.

Offshore staff

HOUSTON -- Chevron and Pride International have mutually agreed to terminate the remainder of the contractor for Pride's semisubmersible drilling rig Pride Venezuela.

In March 2009, Pride's rig was relocated from a drilling location for Chevron Corp. to Luanda Bay, Angola, for planned repairs and a mid-period survey. Following arrival, an inspection of a section of the hull revealed an unacceptable level of corrosion, which will require a dry-dock facility to conduct permanent repairs. No dry-dock facilities exist in Africa for a semisubmersible, so the rig will be relocated outside Africa for further evaluation and repairs, according to the company. The repairs are expected to require most of the remaining term of the contract, which was expected to conclude in March 2010. Consequently, the company and Chevron have mutually agreed to terminate the remainder of the contract.

05/11/2009

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