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Italian Oil Company Drilling in US Waters??

968 Views 14 Replies 7 Participants Last post by  MakoMike, 
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On the rise, shares of Transocean Inc. (RIG:transocean inc new shs
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Last: 145.94+5.34+3.80%

4:00pm 07/08/2008

Transocean
The company said it won a five-year contract for its drillship Deepwater Pathfinder. The deal struck with a subsidiary of Eni SpA is potentially worth up to a maximum of $1.19 billion, a figure that excludes revenue for cost escalations.
Transocean said the contract, which is for drilling operations primarily in U.S. waters of the Gulf of Mexico, is scheduled to start in March 2010. It's the latest in a series of pacts between Transocean and Eni, the Italian oil company.

Why is an Italian Oil company taking our oil?????
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Transocean is the drilling contractor and Eni is the client renting the drill ship services under contract. Eni must pay the US government for a lease to drill in the Gulf of Mexico.
see news release: Transocean Inc. has been awarded a five-year contract worth about $1.19 billion by Italian oil company Eni SpA. Under the contract, Transocean's deepwater drillship Deepwater Pathfinder will work for Eni (NYSE: E) primarily in the U.S. Gulf of Mexico region.
The contract is scheduled to begin in March 2010. Houston-based Transocean (NYSE: RIG) is the world's largest offshore drilling contractor.
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