Drilling contract terminations mushroom

02/01/1999
Contract drillers have experienced a spate of early contract terminations in recent weeks, accelerating the financial deterioration of the oil field service/ supply sector. The cancellations were driven by extended low oil prices in many cases and by mechanical difficulties in others. Among those thought to be related to low oil prices were: Apache Corp. unit Apache Darag Corp. terminated a drilling contract with Santa Fe International Corp., Dallas, for drilling in the Gulf of Suez. Occidental Petroleum Corp. canceled a 1-year contract with Santa Fe International for drilling off Qatar. Petroleos de Venezuela SA bought out the contrac...
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