Noble says deepwater drilling moratorium isn’t enough for Anadarko to end contract in Gulf

Noble: drilling ban shouldn’t break Anadarko deal

NEW YORK — Noble Corp. said Friday it doesn’t believe the moratorium on deepwater drilling in the Gulf of Mexico, or the oil spill itself, excuses Anadarko from its contracts with Noble on rigs there.

Anadarko Petroleum Corp. said Thursday it notified three companies it works with in the Gulf that it will declare “force majeure.” That allows a company to get out of contracts after natural disasters, war or other major events that significantly disrupt business.

On Friday Anadarko identified the companies as Noble Corp., Transocean Ltd. and Cobalt International Energy. Anadarko leases the Noble Amos Runner deepwater rig, the Transocean Discoverer Spirit rig and the Ocean Monarch rig from Cobalt.

Noble’s contracts with customers in the Gulf allow for contracts to be broken if a disruptive event continues for a prolonged period. If force majeure is declared, Noble said its contracts generally allow for it to collect between 80 and 100 percent of its set day rate for a period of about 15 to 30 days. Following that notice period, Noble or its customer is allowed to end the contract.

The company said that while it “is working closely with its customers, it plans to enforce its contractual rights.”

President Obama announced a six-month halt on new deepwater drilling last week.