Cobalt announced an important modification of its contract with Ensco for the 8503 drilling rig.
The amendment provides for a substantially reduced day rate in the event that the rig is unable to work due to continued permitting delays in the Gulf of Mexico.
About Cobalt
Cobalt is an independent oil and gas exploration and production company focusing on the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. Cobalt was formed in 2005 and is headquartered in Houston, Texas.
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Source: Cobalt, November 14, 2010: