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BP Amoco Sends Default Notice to Houston-Based Owner of Oil-Drilling Ship.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, June, 2000 by Williams, Krissah
Jun. 12--BP Amoco is in a standoff with Transocean Sedco Forex, saying a oil drilling ship owned by the Houston company isn't fulfilling its $360 million contract.
London-based BP Amoco sent Transocean a notice of default because the Discoverer Enterprise, a deep-water drill ship, has been out of service 50 percent of the time.
The ship is on standby while the companies meet to resolve the situation.
BP Amoco wants to renegotiate the ship's $198,000 day rate, but Transocean sees no reason to change the contract, according to a Credit Suisse First Boston Corp. analyst report.
"When you're talking about that kind of a cost, it's not something you want to take lightly," said Hugh Depland, spokesman for BP Amoco's Gulf of Mexico...
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