The rig had been under contract to Petrosucre, a subsidiary of Venezuelan national oil company PDVSA, until Ensco terminated the contract for non-payment in June 2009. Petrosucre responded that it would continue to operate the rig without Ensco's consent. After more than a year of occupying the rig, Ensco personnel were allowed to retrieve it and it is now stationed in Trinidad.
There's an expression for when you take something that doesn't belong to you: I believe it's called stealing nationalizing private assets. Now as any Hollywood type will tell you, of course PDVSA has the right to not pay for the use of a vessel it signed a contract to utilize. Only evil capitalists honor financial commitments.
Recommended Reading
Exxon’s Craig Morford Retires as VP of General Counsel, Secretary
2024-06-12 - Exxon’s board of directors has elected Jeff Taylor, who joined Exxon in May, to undertake Morford’s role.
ProPetro Adds Exxon Designee Volkov to Board
2024-05-14 - Alex Volkov is currently the transition executive tasked with planning the integration of Pioneer Natural Resources and Exxon Mobil.
Exxon Appoints Maria Jelescu Dreyfus to Board
2024-05-08 - Dreyfus is CEO and founder of Ardinall Investment Management, a sustainable investment firm, and currently serves on the board of Cadiz Inc. and Canada-based pension fund CDPQ.
Golden Pass LNG Likely Delayed After Engineering Firm Lays Off 4,400
2024-06-06 - An analyst estimated Golden Pass LNG’s in-service date could be set back six months and that the export terminal’s owners, Exxon Mobil and Qatar Energy, might try to retain workers formerly employed by Zachry Engineering.
Top Exxon Directors Cruise to Re-election Despite Activist Opposition
2024-05-29 - The campaign amounted to a test of whether top fund firms would rally to defend the small shareholders whose resolutions have put topics like the environment and workforce diversity at the center of many corporate annual meetings.