Thursday, June 3, 2010

Anadarko (NYSE:APC) Declares Force Majeure on Three Gulf Oil Rigs

Anadarko Petroleum Corp (NYSE:APC) announced it has declared force majeure on three oil rigs in the Gulf region as a result of the ban from the Obama administration in not allowing them to drill in the region.

Declaring force majeure means they won't be liable for meeting contract obligations when it's the result of unavoidable and natural accidents or disasters.

Companies whose rigs will be affected, according to UBS analyst Angie Sedita are Diamond Offshore Drilling (NYSE:DO), Noble Corp. (NYSE.NE) and Transocean (NYSE:RIG).

One rig will remain operational by Anadarko, ant that one is owned by Ensco Plc (NYSE:ESV).

Anadarko maintained their guidance on sales and spending projections and the second quarter and overall year.

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